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Global Uncertainity Affects Wool Market

Global Uncertainity Affects Wool Market

New Zealand Wool Services International Limited’s C.E.O, Mr John Dawson reports that the ongoing fallout from the Brexit result, continued minimal activity from China and a strong New Zealand dollar have compounded to make significant inroads into local wool values.

The weighted currency indicator compared to last sale lifted 0.66 percent, however against the GBP the New Zealand dollar strengthened a further 4.4 percent making a shift of over 13 percent since the Brexit announcement. Market sentiment is bearish as many clients take a cautious approach during this unsettled period.

Of the 7,500 bales on offer, only 54 percent sold as buyers become very selective, only covering immediate requirements.

Mr Dawson advises that compared to last sale on 30th June;

Fine Crossbred Shears were 7 to 10 percent cheaper.

A nominal selection of average style Coarse Full length fleece were 1 to 2 percent easier with poor style 9 percent cheaper.

Coarse Early Shorn and Second Shears which made up 62 percent of the offering were 5.5 to 10 percent cheaper, with the shorter wools affected the most.

Coarse Oddments were 3 to 7 percent easier.

Restricted activity with exporters only covering requirements for prompt shipment mainly for Australasia and the Middle East, with limited activity for Western Europe, China and India.

Next sale on 14th July comprises approximately 5,600 bales from the South Island, down on anticipated roster due to poor weather.

ENDS

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