International financial situation weakens demand

International financial situation weakens demand at South Island wool sale

New Zealand Wool Services International Ltd reports that prices at today’s auction of approximately 10,000 bales of South Island wool in Christchurch reflected the international financial situation.

As buyers stood back awaiting new orders from a more settled world financial scene, 43 per cent of the wool on offer was passed in.

Generally prices for the three breed categories of merino, halfbred and crossbred declined by between two and four per cent.

New Zealand Wool Services International reports that, since the previous sale on 25 September, the market was generally par to two per cent dearer in Euro, Stirling and Australian dollars and generally two per cent cheaper in United States dollars.

The next wool sale, of North Island wool only, is on 9 October, in Napier, comprising approximately 8,750 bales.

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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