Wool prices follow upward trajectory of world trends

News release – Wool prices follow upward trajectory of world trends

New Zealand Wool Services International Ltd reports that today’s wool sale followed rising recent trends elsewhere in the world, with price gains of between four and ten per cent.

In a combined auction of North and South Island wool, there was a 100 per cent clearance of the 24,000 bales on offer and larger than expected rises for all types.

According to New Zealand Wool Services International general manager John Dawson, a falling New Zealand dollar served to underpin the strength of the market.

“Since the previous offering on 3 March the New Zealand dollar has eased 1.33 per cent against a weighted indicator of the main international wool trading currencies.

“Fine crossbred fleece and shears rose in price by between four and 11 per cent, under continued strong demand from the Chinese market. Coarse carpet type full fleece gained between five and nine per cent, with the shorter shears generally three to eight per cent stronger.

“First lambs’ fleece wool was up by between four and ten per cent. Combing oddments were also subject to keen competition, lifting between seven and 12 per cent, with price increases for the short types ranging between four and 13 per cent,” he said.

China and India continued to dominate widespread and fervent competition in the market today, with Australasia, Western Europe the Middle East and the United Kingdom taking support roles.

Next week’s sale, on 17 March, is scheduled to offer approximately 5,100 bales from the North Island and 10,700 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-

Note to editor:
The full and detailed version of the New Zealand Wool Services International New Zealand Wool Report is taken by various national and international corporations, exchanges and agencies, including NZX, Reuters, the UK Wool Report, Meat and Wool New Zealand, Australian Wool Exchange and various others including bank economists and analysts.

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