Wool prices firm at first sale of the new wool season

Wool prices firm at first sale of the new wool season

New Zealand Wool Services International Ltd reports prices firmed at the first sale of the new wool season today.

Of the 6000 bales of North Island wool on offer, 92 per cent sold.

The weighted indicator for the main trading currencies was hardly changed from the 30 June sale, lifting 0.33 per cent.

New Zealand Wool Services International general manager John Dawson, said the current strength of the New Zealand Dollar is being overridden by seasonlly limited wool volumes and steady demand, which are the main drivers in keeping the market firm.

“Fine crossbred fleece and shears were slightly in favour with coarse fleece strengthening by 4 per cent compared to the previous North Island levels.

“Coarse crossbred shears remained firm.

“A nominmal offering of short lambs’ fleece, 2-3 inches and shorter, attracted keen interest lifting 4 to 6 per cent. Short oddments were also sought after, increasing by 3 to 5 per cent.”

According to John Dawson there was good competition at today’s auction from Australasia, China and India, supported by the United Kingdon, Middle East and Western Europe.

The next sale is on 21 July. It will comprise an estimated 5,700 bales from the North Island and 14,200 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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