Wool prices continue upward trend

Wool prices continue upward trend

New Zealand Wool Services International Ltd reports prices at today¹s sale of 13,600 bales of South Island wool in Christchurch continued the gains of recent weeks, with an overall increase of around two per cent.

Since the previous auction on 23 April, the New Zealand dollar has fallen by 1.7 per cent against the United States dollar.

According to New Zealand Wool Services International, prices for coarse crossbred fleece showed varying degrees of change, with better styles gaining up to 1.5 per cent, while buyer demand for the poorer style fleeces saw them gain up to two per cent.

Coarse longer early shorn and second shear wools were keenly sought after, with longer lambs¹ wools also strongly contested by purchasers, increasing in price by 2.5 per cent.

Oddments made good gains, particularly in the shorter classes, which rose in price by five per cent. Longer oddments also favoured the seller.

According to New Zealand Wool Services International, main buying interest at the sale came from China, Australasian carpet mills, India and the Middle East.

Next week¹s wool auction will be of North Island wool only, held on Thursday 8 May, comprising approximately 6,000 bales in Napier.

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-

© Scoop Media