Softening dollar gives impetus to local wool price

Softening dollar gives impetus to local wool prices

New Zealand Wool Services International Ltd reports that prices at today¹s wool sales rose at levels that correspond to the drop in the New Zealand dollar over the past week.

In the combined auction of 19,900 bales of North and South Island wool in Napier and Christchurch, prices in most classes increased.

Since the previous wool sale on 28 February the New Zealand dollar has fallen between one and two per cent, compared to main trading currencies.

Better style fleece wools generally held very firm, continuing their strength as seasonal volumes diminish. A larger offering of average style fleece wools benefited the most, increasing between 1.5 and three per cent.

According to New Zealand Wool Services International, prices for poor style fleece in the South Island remained solid. However, against the prevailing trend in other classes, heavily faulted wools in the North Island were discounted one per cent.

Early shorn and second shear wools were subject to strong competition, with prices lifting between one and three per cent.

Lambs¹ wools strengthened up to 1.5 per cent. All oddments increased by between two and four per cent.

The next North and South Island wool auctions will be held on Thursday 13 March, comprising 6,000 bales in Christchurch and 8,250 bales in Napier.

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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