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Strong gains at weekly wool sale

Strong gains at weekly wool sale

New Zealand Wool Services International Ltd reports prices gained significantly at today¹s Christchurch sale of 10,000 bales of South Island wool.

Since the previous auction on 8 May, the New Zealand dollar has fallen by around 2.5 per cent against major trading currencies, which was a factor in the price rises.

According to New Zealand Wool Services International, well-spread competition, stimulated by restricted wool volumes and anticipated shortfalls in the near future, has also helped drive prices up.

The small offering of mid micron wools strengthened between six and seven per cent compared to 17 April, which was the last time they were offered.

A small selection of fine crossbred fleece and shears attracted strong interest, gaining between 3.5 and seven per cent.

Coarse crossbred fleece and shears increased between 2.5 and seven per cent, with the poorer styles attracting the most interest as seasonal volumes diminish.

Longer lambs¹ fleece strengthened four to seven per cent, with the shorter types gaining between two and four per cent.

Oddments were in strong demand, making gains of four to eight per cent.

Next week¹s wool auction will be of North Island wool only, held on Thursday 22 May, comprising approximately 7,800 bales in Napier, which is 5,200 bales less than was previously scheduled for this sale.

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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