Currency basket softens prices in N Is wool sale
Currency basket softens prices in North Island wool sale
New Zealand Wool Services International Ltd reports that today’s auction of 17,000 bales off North Island wool, in Napier, saw prices correcting slightly, easing off the previous two week’s supply driven gains.
A one to two per cent rise in the value of the New Zealand dollar against the Euro, Sterling and Australian dollar overshadowed the 0.4 per cent fall of the currency against the United States dollar since the previous wool sale last week, influencing prices down.
According to New Zealand Wool Services International fine hogget wools also felt the additional impact of higher seasonal flows and eased between 1.5 and four per cent.
Coarse carpet fleece types of all descriptions absorbed the currency factor, softening between one to two per cent, with oddments following suit.
Next week’s South Island sale will be held in Christchurch on 13 December, consisting of 11,700 bales.
New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends. A summary of this can be viewed at http://www.nzwsi.co.nz. The full report is available by negotiation with the company.