Coarse wool gains continue

Coarse wool gains continue

New Zealand Wool Services International Ltd reports that prices for the bulk of this week’s wool offering gained further since the previous sale.

According to New Zealand Wool Services International general manager John Dawson, strong demand and limited supply continue to drive prices up, and resulted in a 95 per cent clearance of the 17,650 bales on offer at today’s combined auction of North and South Island wool.

“Since the previous offering on 14 October, the New Zealand dollar has dropped by 1.45 per cent against a weighted indicator of the main international wool trading currencies, helping underpin the stronger local market.

“A small selection of finer merino fleece was three to nine per cent dearer, however the 19.5 to 23.5 micron wools eased slightly by 1.5 to four per cent.

“All fine crossbred types strengthened between two and eight per cent, with the North island selection benefiting the most.

“Coarse carpet type fleece and shears ranged up by between one and five per cent, with the North Island wools lifting the most, bringing them into line with the price levels at the South Island sale.

“Oddments increased by between three and six percent,” he said.

According to John Dawson, competition at today’s sales was evenly spread.

“China, Australasia and India took principal roles, with buyers from the Middle East, Western Europe and the United Kingdom also demonstrating keen interest,” he said.

Next week’s sale will be on 4 November, comprising approximately 2150 bales from the North Island and 5500 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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