Wool Prices Continue to Gain

Wool Prices Continue to Gain

New Zealand Wool Services International Limited’s General Manager, Mr John Dawson reports that the 9,100 bales of South Island wool on offer this week saw a 91 percent clearance with mainly 29 micron and finer wools making up most of the unsold portion.

Despite a stronger New Zealand dollar compared to the main trading currencies with the weighted indicator up 2.68 percent, the market overrode this factor with most types lifting by 1 to 4 percent as limited supply continues to influence the market.

Mr Dawson advises that compared to the sale on 29th August, Merino Fleece 17 to 19 microns were 4 to 9 percent dearer with 20 to 23 microns 2 to 4 percent firmer.

Mid Micron Fleece 24 to 26 microns were up 2 to 4 percent with 26.5 to 31.5 microns firm to 1 percent dearer.

Compared to the North Island sale on 5th September, Fine Crossbred Fleece and Shears were firm to 4 percent stronger.

Coarse Crossbred Fleece lifted 3 to 4 percent with 3 to 5 and 3 to 4 inch shears rose by 3 to 4 percent with shorter types up to 1 percent firmer.

Long Oddments remained firm with shorter types up to 2.5 percent dearer.

Strong competition with China dominating the fine wool sector and also influencing the coarser types, with support from Australasia, Western Europe, Middle East and India.

Next sale on 19th September comprises approximately 7,100 bales from the North Island, 30 percent down on the anticipated rostered quantity.

ENDS

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