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Wool prices drop again at North Island sale

News release - Wool prices drop again at North Island sale

New Zealand Wool Services International Ltd reports prices at today’s auction of North Island wool, in Napier, continued their recent downward trend.

In the sale of approximately 8,700 bales prices continued to weaken, pressured by international economic uncertainty, with the strengthening New Zealand dollar acting as an additional negative factor.

Against a weighted currency indicator, taking into account the percentage of wool exported in the main trading currencies of United States dollars, Australian dollars, sterling and Euros, the New Zealand dollar has appreciated by two per cent since the previous sale on 30 October.

According to New Zealand Wool Services International, only the 32 micron fleece sector remained firm, held in check by limited supply. All other fine crossbred and hogget wools softened between two and 3.5 per cent, with the short end reducing by up to five per cent.

Most coarse crossbred fleece and shears dropped by three to four percent. However, the small offering of poorer styles eased less, only falling by 1.5 to 2.5 per cent.

Crossbred oddments came back 3.5 to five per cent with the shorter types affected the most.

Main interest came from Australasian carpet mills, China and India. Buyers from Western Europe and the Middle East were less active.

The next combined sale of North and South Island wool is on 20 November, in Napier and Christchurch, offering 11,600 bales and 10,500 bales respectively.

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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