Wool market sees mixed reaction to dollar

Wool market sees mixed reaction to appreciating dollar

New Zealand Wool Services International Ltd reports that prices at today’s auction of North Island wool, in Napier, showed a mixed reaction to the appreciating New Zealand dollar, which rose 1.3 per cent against the United States dollar since the previous wool sale on 4 October.

Fine crossbred, early shorn and second shear wool types showed the lack of market interest from China. Prices for these types generally dropped, except for 3/4 inch wools, which rose 1.5 per cent.

According to New Zealand Wool Services International, the minimal weight of crossbred fleeces on offer was generally well sought after. However, early shorn 3/5 inch, 2/4 and 2/3 length dropped in price, with 3/4 inch bucking that trend to be two per cent dearer.

The limited crossbred oddment selection was also in keen demand with prices appreciating around 2.5 per cent.

Buying interest came mainly from the Australasian carpet mill sector and from Indian buyers.

Next week’s South Island sale will be held in Christchurch on 18 October.

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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