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Market weaker as currency increases, demand drops

Wool market weaker as currency increases and demand drops

New Zealand Wool Services International Ltd reports today’s wool sale in Napier saw prices for most types ease.

Since the previous sale on 14 August, the New Zealand dollar has risen 1.4 per cent against the United States dollar. This, coupled with subdued demand, led to some categories softening, with the price drop greater than the currency influence.

According to New Zealand Wool Services International, the finer crossbred fleece and hogget wools came back by two per cent.

Full-length coarse crossbred fleece resisted this trend, easing by only up to one per cent.

Coarse second shear, which made up the bulk of the offering, reduced between two and three per cent.

Longer lambs’ fleece remained steady, with the shorter types easing up to two per cent.

Coarse oddments softened between two and four per cent, with the shorter types affected the most.

Next week’s auction, of South Island wool, will be held in Christchurch on 28 August, offering 14,700 bales. This sale is above the rostered volume due to more wool becoming available as the weather improves.

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

Note to editor:
The full and detailed version of the New Zealand Wool Services International New Zealand Wool Report is taken by various national and international corporations, exchanges and agencies, including NZX, Reuters, the UK Wool Report, Meat and Wool New Zealand, Australian Wool Exchange and various others including bank economists and analysts.

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