INDEPENDENT NEWS

Continued gains for local wool market

Published: Thu 29 Nov 2007 01:30 PM
Continued gains for local wool market
New Zealand Wool Services International Ltd reports that prices at today’s auction of South Island wool, in Christchurch, generally strengthened, despite a substantially stronger New Zealand dollar, which had risen by three per cent against the United States dollar since the previous wool sale on 22 November.
The better style mid micron wools, between 27.5 and 31.5 microns, were strongly contested, making gains of two to three per cent.
A good selection of Hogget wools, as well as the coarser carpet types on offer, continued to capitalise on the market lift seen last week, which has been driven up by pressured supply. Prices in this sector strengthened by between one and two per cent.
All oddment types also benefited, increasing in value between two and four per cent.
According to New Zealand Wool Services International, the only area not to benefit was the small offering of average style 27 micron and finer wools, which softened between three and six per cent.
Next week’s North Island sale will be held in Napier on 6 December, comprising 17,700 bales.
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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