Wool prices continue to gain

Wool prices continue to gain

New Zealand Wool Services International Ltd reports that prices at today’s sale of 12,000 bales of North Island wool, in Napier, continued to strengthen, abetted by a declining currency.

Since the previous auction on 5 June the New Zealand dollar has dropped by 1.5 per cent against the United States dollar. This enhanced a bouyant sale, with most types gaining an additional one to two per cent from strong demand.

According to New Zealand Wool Services International, finer crossbred hoggets were one to two per cent stronger, with the coarse crossbred fleece and shears increasing by two to four per cent.

Average style fleece was particularly sought after, easily recapturing the ground it lost at the previous auction.

The small offering of lambs’ wool remained fully firm.

Oddments 2/4 inches and longer were two to three per cent dearer, however the shorter lengths did not attract the same interest and were the only easier segment, being two to three per cent cheaper.

The next auction will be of South Island wool only, held in Christchurch on Thursday 5 June.

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

Note to editor:
The full and detailed version of the New Zealand Wool Services International New Zealand Wool Report is taken by various national and international corporations, exchanges and agencies, including NZX, Reuters, the UK Wool Report, Meat and Wool New Zealand, Australian Wool Exchange and various others including bank economists and analysts.

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