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Wool values recover at South Island sale

News release - Wool values recover at South Island sale

New Zealand Wool Services International Ltd reports prices at today¹s auction of approximately 12,200 bales of South Island wool, in Christchurch, recovered some of the ground not fully captured last week.

With the previous sale only lifting between two and four per cent against a currency advantage of around eight per cent, this week the market saw good gains for coarser merino, mid micron and crossbred types, against a comparatively unaltered currency. This reflects rejuvenated international purchasing activity, particularly from Asia.

According to New Zealand Wool Services International, merino fleece finer than 18 microns was the only weaker sector, dropping six to 11 per cent, however 18.5 micron and coarser attracted keen interest, lifting between 12 and 15 per cent. These variations reflect recent movements in the Australian market.

Mid micron wools increased four to seven per cent.

Fine crossbred and hogget wools were generally one to 2.5 per cent dearer.

Coarse crossbred full fleece was strongly contested, increasing between 2.5 and 3.5 per cent.

Coarse shears were up to 1.5 per cent stronger.

Oddment types were well contested, gaining between five and seven per cent.

Main active markets were Western Europe for the finer wools; and China, India, United Kingdom and the Middle East for the coarser types.

Next week¹s auction, of North Island wool, will be held in Napier on 23, offering a total of 9,500 bales.

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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