Wool Eases Despite More Favourable Currency Rates
WOOL EASES DESPITE MORE FAVOURABLE CURRENCY RATES
New Zealand Wool Services International Ltds C.E.O Mr John Dawson reports that the North Island offering this week saw most types ease despite a softer NZ dollar compared to last week’s auction, however recent overseas sales of shorter shears, which made up the bulk of the offering, saw this sector better supported with prices holding their ground.
Of the 7200 bales on offer 70 percent sold. The weighted indicator for the main trading currencies came down 2.22 percent, having minimal positive impact locally as targeted buying and basic supply/demand pressures are the driving factors presently.
Mr Dawson advises that Fine Crossbred full fleece and longer early shorn 32 to 35 microns were 3 percent cheaper, 3 to 4 and 2 to 4 inches 1 percent dearer with 2 to 3 inches 1 percent cheaper.
Full fleece coarser than 36 microns were up to 4 percent cheaper. Coarse early shorn 3 to 5 inches were down 3 percent, 3 to 4 inches 1 to 3 percent cheaper with 2 to 4 inches firm to I percent dearer and 2 to 3 inches 1 percent cheaper.
Good style oddments were 1 percent dearer with poorer styles 1 percent cheaper.
Limited competition with Australasia, Middle East and Western Europe principals, supported by China, India and the United Kingdom.
Next sale on 22nd September comprises approximately 11,400 bales from the South Island