Stronger dollar and slow market lowers wool prices

STRONGER DOLLAR AND SLOW MARKET LOWERS WOOL PRICES

New Zealand Wool Services International Limited’s C.E.O, Mr John Dawson reports that the strengthening New Zealand dollar and lack lustre overseas buying interest saw most types ease for the 5,100 bales of North Island wool on offer this week.

The weighted currency indicator compared to last sale on 8th October firmed 2.27 percent having an easing effect on local wool prices with 82 percent selling.

Very limited activity from the usually dominant Chinese market saw most types for their requirements incur significant reductions, however continued covering form past sales for the Australasian carpet market resulted in steadier prices for this sector on limited supply.

Mr Dawson advises, Finer Crossbred full fleece were 13 to 17 percent cheaper with the coarser end 3 percent easier.

Fine Crossbred shears ranged from 1 to 3 percent cheaper in local terms with the very short types fairing the best.

Full length Coarse Crossbred wools were 2 to 3 percent cheaper with shears firm to 1 percent easier.

Short Oddments received limited attention, reducing up to 10 percent.

Limited competition with most activity covering old sales to China and Australasia with limited interest from Western Europe, Middle East, United Kingdom and India.

Next sale on 22nd October comprises approximately 7,950 bales from the South island.

ENDS

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