Prices rise in South Island wool sale

Prices rise in South Island wool sale

New Zealand Wool Services International Ltd reports that prices at yesterday¹s auction of South Island wool, in Christchurch, increased substantially, exceeding the corresponding decrease in the value of the NZ dollar, which had fallen by 1.6 per cent against the United States dollar since the previous wool sale last week.

Very strong demand for merino and halfbred selections drove the sale, strengthening between three and ten per cent compared to last week¹s sale of North Island wool.

Crossbred wools generally gained around two to three per cent, with the coarser wools, in the 37 micron and above range, particularly sought after.

Fine crossbred second shear and early shorn wools fared less well, increasing in price by just 1.5 per cent, short of the currency fluctuation.

According to New Zealand Wool Services International, the main competition in the sale came from European and Chinese interests, with strong support also from Indian manufacturers.

Next week¹s North Island sale will be held in Napier on 25 October.

New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends. A summary of this can be viewed at http://www.nzwsi.co.nz. The full report is available by negotiation with the company.

-ENDS-

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