Wool Market Subdued
WOOL MARKET SUBDUED
New Zealand Wool Services International Ltd’s C.E.O John Dawson reports that the South Island auction offering a wide range of microns and types, saw varied interest as a resurgent New Zealand dollar and limited overseas buying combined to undermine local price levels.
The weighted indicator for the main trading currencies lifted 2.69 percent compare to last week.
Of the 10454 bales on offer only 55 percent sold with many growers not prepared to accept current price levels.
Mr Dawson advises that compared to the last South Island offering on 25th August;
Merino fleece 17 to 22.5 microns were 1 to 3 percent cheaper with better styles well supported.
Mid Micron fleece 25 to 26.5 microns were 3 to 5 percent cheaper with 27 to 29 microns 5 to 8 percent cheaper, coming more into line with their Australian counterparts.
Fine Crossbred full fleece were 2 to 5 percent cheaper with early shorn and second shears 2 to 3 percent easier.
Compared to last week’s North Island sale on 1st September;
Full fleece coarser than 36 microns were up to 3 percent cheaper.
Longer shears were 1 to 2 percent cheaper with shorter shears down 3 to 4 percent.
Coarse oddments were 5 to 8 percent cheaper.
Restricted activity with Western Europe and China dominating the Merino and Mid Micron sector. Limited interest on coarser wools with Australasia and the Middle East principals, supported by China, Western Europe, India and the United Kingdom.
Next sale on 15th September comprises approximately 7500bales from the North Island.