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Wool prices stronger as currency weakens

News release -

Wool prices stronger as currency weakens

New Zealand Wool Services International Ltd reports today¹s wool sale, in Christchurch, saw prices rise across the board, with the strength of the United States dollar pushing prices up.

Although the New Zealand dollar has gained against other major trading currencies, since the previous sale on 31 July it has slipped 4.5 per cent against the United States dollar, which precipitated significant price gains on the local wool market.

According to New Zealand Wool Services International, mid micron wools benefited the most, with finer types strengthening between four and eight per cent and coarser styles gaining two to four per cent.

Finer crossbred wools between 32 and 35 microns appreciated between 2.5 and 3.5 per cent.

Coarser carpet type fleece and shears gained two to three per cent for the better styles, with a very limited offering of poorer styles attracting strong interest to lift up to six per cent.

First lambs¹ wool rose by three to four per cent.

Oddments were strongly contested, with the longer types up to six per cent dearer and the shorter types strengthening by seven to 10 per cent.

Reduced stock numbers and the disruption to shearing caused by continued adverse weather has resulted in the cancellation of next week¹s scheduled South Island wool sale, which was due to be held on 21 August. However, the sale of North Island wool, in Napier offering 8,160 bales, will proceed on that day as planned.

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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