Dollar Helps Firmer Wool Market

Dollar Helps Firmer Wool Market

New Zealand Wool Services Internationals General Manager, Mr John Dawson reports that the 7,500 bales of North Island wool on offer this week saw a stronger local market with 96 percent of the offering sold.

The weighted indicator for the main trading currencies was down 2.8 percent compared to the last sale on 17th November with some of this benefit being reflected in higher auction levels.

The on-going western world’s economy issues are continuing to dampen further potential gains, however small offering volumes and generally empty pipelines are also assisting the markets firmness.

Mr Dawson advises the Fine Crossbred Fleece and Shears 32 to 35 micron were 1.5 to 3 percent dearer. Coarse Crossbred Fleece and longer shears were also 1.5 to 3 percent stronger with the short shears firm. Long oddments increased by 1 to 2.5 percent with 2/4 inch oddments spiking by 7 percent. The 2/3 inch and shorter oddments were 1 percent firmer.

Wide spread competition with Australasia and China principals, supported by Western Europe, Middle East and India sparingly. Next sale on 1st December comprises approximately 7,150 bales of South Island wool.

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