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Wool Correction Continues

Wool Correction Continues

New Zealand Wool Services International Limited’s Marketing Executive, Mr Paul Steel reports that wool prices at the North Island sale comprising 6,200 bales saw most types continue to weaken with a wider price range relativity developing between the better and poorer styles.

There was a 66 percent clearance with some growers unwilling to accept the sharp declines in some categories.

The weighted indicator for the main trading currencies lifted by 0.67 percent as the NZ dollar generally strengthened compared to the last sale on 5th December.

Mr Steel advises that Crossbred Fleece finer than 34 microns were 1 to 2 percent cheaper. Longer fine shears received strongest support, lifting by 1 to 2 percent with shorter types easing 4 to 6 percent.

Crossbred Fleece 35 micron and coarser saw good styles 5 to 8 percent weaker with significant discounts of 10 to 17 percent for poorer styles as volumes of this type become readily available. Coarse shears weakened 5 to 9 percent with shorter types affected the least.

Combing Oddments were 6 to 9 percent cheaper with short oddments 4 to 12 percent easier.

Limited competition with most markets inactive currently. Current purchasing is for older contracts requiring shipment prior to the Christmas break.

Next sale on 19th December comprises approximately 7,200 bales from the North Island and 7,500 bales from the South Island.

ENDS

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