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Wool prices continue firm to dearer

News release – Wool prices continue firm to dearer

New Zealand Wool Services International Ltd reports that prices for most types at this week’s wool sale maintained their recent levels, or increased slightly.

In the combined auction of North and South Island wool, 92.6 per cent of the 9,900 bales on offer were sold. Since the previous sale on 11 November, the New Zealand dollar has eased slightly, dropping by 0.89 per cent against the weighted indicator of the main wool trading currencies.

According to New Zealand Wool Services International general manager John Dawson, this currency fluctuation helped underpin prices in some areas.

“Compared to the last time it was offered, at the 4 November South Island auction, merino fleece performed strongly, increasing between ten and 17 per cent. Prices for mid micron fleece also strengthened, rising between one and five per cent, with the finer end benefiting the most.

“After strong recent gains for fine crossbred and hogget wools, prices for these wools fell slightly from the 11 November sale, easing by up to one per cent as China’s manufacturers have now met their immediate needs for these wools.

“Coarse fleece and shears remained firm to slightly dearer, apart from the poor colour types, which softened by up to one per cent.

“A small selection of lambs’ fleece was firm to two per cent stronger.

“Good style oddments were firm to two per cent, dearer with poorer styles easing between two and five per cent,” he said.

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

“China and Western Europe dominated the fine wool sector, while the coarser wools attracted their strongest demand from Australasia, China and India. The United Kingdom, the Middle East and Western Europe provided support in the latter categories,” he said.

Next week’s sale will be on 25 November, offering approximately 9,300 bales of South Island wool and 5,800 bales from the North Island.

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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