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Wool prices continue to climb

Wool prices continue to climb

New Zealand Wool Services International Ltd reports that prices at today’s wool sales continued to increase in all categories, further consolidating recent gains.

In the combined auction of 26,200 bales of North and South Island wool in Napier and Christchurch, prices rose across the board.

Since the previous wool sale on 13 March, the New Zealand dollar has performed erratically against the main trading currencies, strengthening against the United States dollars and Euro, but weakening against the Australian dollar and Sterling. However these movements have been over ridden by a seasonal imbalance of supply against demand, which has created strong competition for wool.

According to New Zealand Wool Services International, lower than anticipated wool volumes as a result of drought and general stock depletion are now also starting to impact on the market.

Hogget wools strengthened between 1.5 and two per cent. Coarse crossbred fleece and shears gained between one and three per cent with the North Island prices increasing the most, bringing them into line with the South Island levels.

Lambs’ fleece also strengthened between 1.5 and three per cent, however 2/3 inches and shorter only increased up to one per cent.

Oddments of all description also appreciated, with the longer types in the South Island being particularly sought after, increasing four to five per cent. The shorter lengths rose by one to three per cent.

The next wool auctions will be of South Island wool only, held on Thursday 3 April, comprising 7,400 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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