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Wool prices driven up by weaker New Zealand dollar

Wool prices driven up by weaker New Zealand dollar
 

New Zealand Wool Services International Ltd reports that prices at today’s wool sales strengthened in most categories.

In the combined auction of 21,600 bales of North and South Island wool in Napier and Christchurch, prices rose for the bulk of the offering due to a drop in the New Zealand dollar and seasonally low wool volumes, which compounded price gains in some segments.

Since the previous wool sale on 22 May, the New Zealand dollar has weakened one per cent against the United States dollar.

According to New Zealand Wool Services International, fine crossbred fleece, poorer style coarse fleece and shears, as well as lambs’ fleece and oddments were all one to 2.5 per cent dearer.

A small volume of mid micron wools missed the benefits from the favourable sale conditions experienced by most other classes, with mid micron prices generally easing between two and 3.5 per cent.

Average style coarse fleece wools, which made up the bulk of the fleece category, also fell in price, fetching up to 1.5 per cent less than when previously offered.

Prices for all other descriptions were firm.

The next wool auction, of North Island wool only, will be held on Thursday 19 June, comprising approximately 14,000 bales in Napier.

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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