Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

World economic woes weaken wool market

News release - World economic woes weaken wool market

New Zealand Wool Services International Ltd reports prices at today’s auction of approximately 10,800 bales of North Island wool, in Napier, saw lower prices across the board, driven down by the international economic situation.

Currency fluctuations, which would normally have driven wool prices up, had no effect as recent caution from the main markets for New Zealand wool held sway.

According to New Zealand Wool Services International, apart from a flurry of business by Asian buyers in the past fortnight, most other markets have either withdrawn or significantly reduced purchasing activity due to continuing world economic uncertainty.

Some types from today’s North Island sale did not directly line up with types on offer at last week’s South Island wool sale, which further exaggerated the market drop.

Fine crossbreds and hogget wools were 1.5 to three per cent cheaper.

Good style coarse crossbred fleece and early shorn were three to five per cent cheaper, with the poorer style fleece and shorter shears down by one to two per cent.

Combing oddments eased two to three per cent, with shorter categories dropping three to five per cent.

Main competition came from China and Australasian carpets mills, supported by India, the Middle East and Western Europe.

Next week’s sale of South Island wool is on 30 October, in Christchurch, offering a total of 12,250 bales, including a high percentage of merino and mid micron wools.

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.

Attached table

Please find attached table covering indicators and prices for key wool types from this week's sale. [NI_Sale_23.10.08.xls]

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.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO:

New Report: Waitākere Kauri - Look After It, Or Lose It

With no cure for kauri dieback disease and treatment options still being trialled, the Auckland region faces a very real threat – take urgent action in the Waitākere Ranges or risk losing kauri from our forests altogether. More>>

ALSO: