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Market stable in North and South Island wool sales

Market stable in North and South Island wool sales

New Zealand Wool Services International Ltd reports that prices at this week’s combined North and South Island wool auctions remained stable.

The auctions, the final sales of 2007, were held in Napier and Christchurch, offering a combined 28,000 bales.

Fluctuations in the New Zealand dollar, down by 44 per cent against the United States dollar since the previous sale last week, appear to have been offset by the over supply of wool now presented to the market leading into the Christmas business recess.

Buyers are apparently unwilling to take ownership of wool during a period when it cannot be processed due to the holiday season, which has resulted in any possible currency gains being unrealised.

According to New Zealand Wool Services International, the finer mid micron wools resisted this trend and appreciated between three and six per cent on a very limited offering. However 28 micron to 31.5 micron wools were neglected, easing between 1.5 and three per cent.

Hogget wools and coarser carpet types in the South Island generally held firm, with some of the better style and lengths strengthening one per cent, while similar types in the North Island eased between one and two per cent as larger volumes were on offer there.

The first wool auctions of 2008 will be held on 10 January, comprising 22,500 bales in Napier and 12,500 bales in Christchurch.

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.

ENDS

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