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Stronger NZ Dollar Lowers Local Wool Prices

Stronger NZ Dollar Lowers Local Wool Prices

New Zealand Wool Services International Limited’s C.E.O, Mr John Dawson reports that a resurgent New Zealand dollar compared to the last sale on 28th January impacted on this week’s wool sales with most types easing.

The weighted indicator for the main trading currencies strengthened 2.6 percent with the NZD to the USD 3.3 percent higher.

Of the 13,356 bales on offer 77.7 percent sold as some growers opted not to sell during this softer period.

Mr Dawson advises that the quieter Chinese market now that their New Year break commences compounded in the lowering of the market with their types easing the most.

Fine Crossbred Fleece ranged from 1.5 to 8 percent easier and Fine Crossbred Shears generally 1 to 5 percent cheaper.

Coarse Full Fleece were firm to 4 percent cheaper with second shears firm to 3 percent easier.

Finer First Lambs were only affected by the currency impact ranging from 1 to 3 percent softer with harder to place coarser Lambs easing 3 to 5 percent.

Long Oddments were firm to 4 percent cheaper with short oddments 1 to 5 percent cheaper.

Good competition with continued covering for Chinese sales, supported by Australasia, Western Europe, Middle East and India.

Next sale on 11th February comprises approximately 6,300 bales from the North Island and 5,050 bales from the South Island.

ENDS

© Scoop Media

 
 
 
 
 
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