Weaker New Zealand Dollar Pushes Wool up

Weaker New Zealand Dollar Pushes Wool up

New Zealand Wool Services International Limited’s General Manager, Mr John Dawson reports that the 7,000 bales on offer in the South Island saw firm to dearer prices locally mainly due to the weaker New Zealand dollar compared to last sale on 30th May. Additionally, the inter-Island wool variation with the South Island types which are better grown this season compared to their North Island counterparts, has added extra pressure on these limited volumes with 90 percent sold.

The weighted indicator for the main trading currencies is down 2.53 percent compared to last sale.

Mr Dawson advises that a small Mid Micron Fleece offering was 3.5 to 5 percent dearer with Fine Crossbred Fleece 1 to 3 percent firmer.

Shorter Fine Crossbred wools remained firm to 2 percent stronger.

Good Style Coarse Crossbred Fleece were firm to 3 percent dearer with poorer styles up 4 to 6 percent.

Longer Coarse Second Shears ranged from firm to 4.5 percent dearer with shorter types 3 to 5 percent stronger.

First Lambs Fleece 3 to 4 inches and longer were firm to 3.5 percent firmer with shorter types ranging from 1 to 5 percent dearer.

Combing oddments were 3 to 5 percent firmer with shorter types up 1.5 to 4.5 percent.

Good competition with Western Europe, Australasia and United Kingdom principals, supported by China, Middle East and India.

Next sale on 13th June comprises approximately 7,340 bales from the North Island which is 36 percent less than anticipated rostered quantities.

ENDS

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