Demand And Weaker NZ Dollar Pushes Wool

Mr John Dawson, General Manager, New Zealand Wool Services International Limited reports that the 9,800 bales of North Island wool on offer this week saw an 86.7 percent clearance and a firmer market.

Compared to the last sale on 1st September, the weighted indicator for the main trading currencies was 0.61 percent easier with the NZ to US dollar 2.34 percent lower. Combined with steady demand and over 3,000 bales less than rostered for next week’s auction prices have lifted locally reflecting these factors.

Mr Dawson said “The Fine Crossbred Shears of all descriptions remained firm. Coarse full fleece was 1.5 to 3 percent dearer with better styles lifting the most. Coarse shears were up to 1.5 percent stronger. Combing oddments came under intense pressure, increasing between 4 and 8 percent. Short oddments were firm for good style and 2.5 percent stronger for poorer styles.”

Competition was well spread with Australasia, China and Western Europe principal interests, supported by India, United Kingdom and the Middle East.

Next sale on 15th September is for approximately 10,500 bales of South Island wool only.

ENDS

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