Wool market steady on small South Island offering

News release - Wool market steady on small South Island offering

New Zealand Wool Services International Ltd reports prices at today’s auction sale of approximately 8,000 bales of South Island wool, in Christchurch, saw mixed results.

Against a weighted currency indicator, taking into account the percentage of wool exported in the main trading currencies of United States dollars, Australian dollars, sterling and Euro, the New Zealand dollar has remained stable since the previous sale on 11 September.

According to New Zealand Wool Services International, the fine wool sector of merino and mid micron wools fared best. Merino wools generally strengthened between two and four per cent compared to the last time they were offered, on 28 August. The exception was the 18 to 19.5 micron merino types, which attracted very strong competition, increasing in value by six to eight per cent.

Compared to last week’s auction, mid micron wools, 24 to 31.5 micron, gained between one and three per cent, with good interest from European spinners.

Hoggets and fine crossbred fleece wools were generally unchanged.

New Zealand Wool Services International reports that current demand for carpet is wool limited. Consequently, coarse wool fleece and shears eased by up to one per cent.

Long oddments remained firm, while shorter types softened up to two per cent.

The next combined sale of North and South Island wool is on 25 September, in Napier and Christchurch, offering a total of 14,800 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

Note to editor:
The full and detailed version of the New Zealand Wool Services International New Zealand Wool Report is taken by various national and international corporations, exchanges and agencies, including NZX, Reuters, the UK Wool Report, Meat and Wool New Zealand, Australian Wool Exchange and various others including bank economists and analysts.

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