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Demand and NZ dollar push wool market
News release
Demand and NZ
dollar push wool market
New Zealand Wool Services International Ltd reports that a softer dollar and supply falling behind demand drove prices up at this week’s wool sales.
A 96 per cent clearance was achieved for the 21,630 bales on offer at today’s combined auction of North and South Island wool.
According to New Zealand Wool Services International general manager John Dawson, the currency factor and wool volumes dictated the direction of the market.
“Since the previous offering on 25 November, the New Zealand dollar has fallen by 1.62 per cent against a weighted indicator of the main international wool trading currencies. This helped underpin today’s generally stronger market, although limited available supply continues to be the main driver.
“The 18.5 and finer micron merinos were firm to five per cent cheaper, while the 19 and 20 microns strengthened by between eight and 13 per cent and the coarser end held firm.
“A limited volume of mid micron wool was well sought after, increasing between two and 11 per cent, with the finer types benefiting the most.
“Fine crossbred fleece was up to one per cent dearer, with shorter types one to three per cent dearer.
“Coarse crossbred fleece and shears were firm to three per cent dearer, with the second shears up to one per cent firmer. A nominal selection of first lambs wools were between one and seven per cent stronger.
“All oddments were firm to two per cent dearer,” he said.
According to John Dawson, strong competition at today’s sales was borne out by the continuing high clearance rate.
“China, India and Australasia took the dominant roles, supported by Western Europe, the United Kingdom and the Middle East,” he said.
Next week’s sale will be on 16 December, offering approximately 3500 bales of North Island wool and 4,850 bales from the South 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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