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Wool market value lifts

News release
Wool market value lifts

New Zealand Wool Services International Ltd reports that prices at today’s wool sales lifted for most types, but not sufficient to counter a currency drop for the New Zealand dollar.

In the combined auction of 19,735 bales of North and South Island wool in Napier and Christchurch, prices rose between one and three per cent for the bulk of the offering.

Against a weighted currency indicator, taking into account the percentage of wool exported in the main trading currencies of United States dollars, Australian dollars, sterling and Euros, the New Zealand dollar has fallen by 2.95 per cent since the previous sale on 28 August.

According to New Zealand Wool Services International, the local market has struggled to capture the full currency advantage for all categories. A recent quiet international trading environment has not helped this situation.

At today’s sales, mid micron wools 24 to 315 microns strengthened between two and four per cent, with this sector attracting strong competition.

Fine crossbreds and hogget fleece lifted 1.5 to three per cent.

Coarse crossbred fleece and shears 3/4 inches and longer also gained 1.5 to three per cent, however the shears 2/4 and shorter remained steady.

First lambs’ fleece appreciated one to three per cent.

Long oddments increased two to three per cent, with the shorter types strengthening one to two per cent.

The next auction, of South Island wool only, will be held on Thursday 18 September, comprising approximately 8,000 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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