Weaker Dollar Pushes Wool Prices Up

Weaker Dollar Pushes Wool Prices Up

New Zealand Wool Services International Limited reports that this week’s North Island wool auction comprising 8,250 bales saw a 98 percent clearance and across the board price gains.

The weighted indicator for the main trading currencies dropped 1.44 percent compared to the last sale on 29th September and combined with increased demand pushed all types on offer dearer.

The Fine Crossbred Fleece and Shears lifted 1 to 2.5 percent. Coarse Crossbred Full Fleece gained 2 percent with the Coarse Shears attracting strong interest, improving by 2 to 2.5 percent.

Coarse oddments were 2.5 to 3.5 percent stronger.

The weakening New Zealand dollar played a significant factor.

Strong competition with Australasia, China and United Kingdom principals, supported by Western Europe and the Middle East.

Next sale on 13th October comprises approximately 9,900 bales of South Island Merino, Half Bred and Crossbred wool.

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