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Strong start to the year in wool sales

Strong start to the year in North and South Island wool sales

New Zealand Wool Services International Ltd reports that prices at this week¹s combined North and South Island wool auctions, the first of 2008, held yesterday, firmed across most categories to finish generally up to one per cent above prices at the previous sale.

This rise in prices ran counter to the movement in the New Zealand dollar, which had risen by 2.4 per cent against the United States dollar since the previous sale on 20 December, and would normally have had a negative impact on the price of wool.

A combined 27,500 bales were on offer across the two sales. One main feature was the strong competition on the best length fleece wool in the South Island, which were priced up to two per cent dearer. Prices for extra fine crossbred lamb¹s wool in the North Island also rose two per cent compared to the previous sale.

According to New Zealand Wool Services International, the strength of this week¹s market reflects recent demand following the Christmas recess, which has created an immediate shortfall of wool for processing. This has seen prices rise, when the currency factor would normally have forced them down.

The small offering of halfbred wools was slightly neglected, but remained generally unchanged in foreign currencies.

Main competition at the sales came from Australasian carpet mills, the Indian continent, China and Europe.

The next wool auctions will be held on 17 January, again combining North and South Island wool, comprising 11,800 bales in Napier and 7,100 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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