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Weaker NZ Dollar Helps Wool Prices
Weaker NZ Dollar Helps Wool Prices
New Zealand Wool Services International Limited’s Marketing Executive, Mr Paul Steel advises that a weaker New Zealand dollar compared to the last sale on 14th May, kept prices high despite a significant increase in the rostered quantity. Steady demand and exporters struggling to source enough wool to meet shipping requirements added extra strength to the market.
The weighted indicator for the main trading currencies eased 1.97 percent week on week.
Of the 9,733 bales on offer, 91.4 percent sold.
Mr Steel reports that Merino Fleece and Mid Micron wools were generally traded at below the current Australian market levels.
Fine Crossbred Full Fleece were 4 percent dearer with second shears 1 to 3 percent firmer.
Full length Coarse Crossbred Fleece, average style and better were 1 to 3 percent dearer with poorer styles easing 1 percent.
Coarse Shears ranged from firm to 4 percent dearer.
Lambs fleece lifted by 1 to 3 percent.
Long coarse oddments remained steady with short types 1 to 3 percent stronger.
Strong competition with Chinese requirements continuing to dominate supported by Australasia, India, Western Europe and the Middle East.
Next sale on 28th May comprises approximately 7,800 bales from the North Island.
ENDS
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