Market Eases Despite Favourable Currency Shift

MARKET EASES DESPITE FAVOURABLE CURRENCY SHIFT

New Zealand Wool Services International Ltd’s CEO Mr John Dawson reports that the 5900 bales of South Island wool on offer saw a 75 percent clearance with most types easier in local terms.

The weighted indicator for the main trading currencies was 2.32 percent lower than the previous week, but had minimal positive impact on the market.

Mr Dawson advises that the mixed results today reflected continued targeted buying for quick delivery with out-of-favour types struggling for support. Although the market was generally easier, many prices are still above the levels for the same types at last week’s North Island offering.

Compared to the South Island sale on 10th November;

Merino fleece 17 to 21.5 micron were 3 to 4 percent cheaper with 22 to 24 micron ranging from 2.5 percent easier to 2.5 percent dearer.

Mid Micron fleece 24.5 to 26 micron were 2 to 3 percent easier, 27 to 29.5 microns 7 to 9 percent cheaper and 30 to 31.5 microns 3 to 5 percent cheaper.

Coarse shears 3 to 5 and 3 to 4 inches were firm to 3 percent cheaper, 2 to 4 inches 2.5 percent dearer and 2 to 3 inches nominally firm to 2 percent dearer.

Long oddments remained firm with short oddments 4 to 6 percent cheaper.

Limited competition with Australia, Western Europe and China principals, supported by Middle East, India and the United Kingdom.

Next sale on 23rd November comprises approximately 7150 bales from the North Island.

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