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Wool price continues upward trajectory
Wool price continues upward trajectory
New Zealand Wool Services International Ltd reports recent large gains were maintained at this week’s wool sale, with the strong crossbred indicator lifting 53 cents.
In the combined auction of North and South Island wool, 97.1 per cent of the 18,924 bales on offer sold.
According to New Zealand Wool Services International general manager John Dawson, the continuing short fall of wool coming forward over-rode what would otherwise have been a negative currency factor.
“Since the previous offering on 30 September, the New Zealand dollar has risen by 2.8 per cent against a weighted indicator of the main international wool trading currencies, but this had little impact today as resurgent demand drove the market up.
“It is a combination of supply and demand. Less wool coming to the market, combined with rising prices for competing textiles and strong underlying demand have all contributed to the significant gains we have seen recently, over-riding the currency factor.
Since the 30 September sale, John Dawson said that merino fleece has strengthened between 1.5 and eight per cent, with the coarser end appreciating the most, while mid micron wools lifted between one and four per cent.
Crossbred wools saw the largest gains, with fine cross fleece and shears rising by between seven and 12 per cent.
Coarser carpet type fleece and shears were strongly contested, lifting between ten and 12.5 per cent.
Also well sought after, oddments ranged between 6.5 and 13 per cent stronger.
According to John Dawson, competition at today’s sales was widespread
“China, Australasia and India were to the fore, supported by the Middle East, Western Europe and the United Kingdom,” he said.
With no sale rostered for next week, the next wool offering will be on 28 October, comprising approximately 9,300 bales from the North Island and 9,700 bales of South Island wool.
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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