Wool prices lift in first big sale of season
Wool sales this week generally saw prices rise as the first significant quantity of wool was auctioned in the new selling season, says New Zealand Wool Services International Ltd.A combined auction of North and South Island wool in Napier and Christchurch
Wool sales this week generally saw prices rise as the first significant quantity of wool was auctioned in the new selling season, says New Zealand Wool Services International Ltd.
A combined auction of North and South Island wool in Napier and Christchurch, sold 85 percent of the 17,800 bales on offer.
Strong demand overcame a 0.89 percent rise in the New Zealand dollar -- against a weighted indicator of the main international wool trading currencies -- since the previous offering on July 8.
A small selection of mid micron wools ranged from firm to a 1.5 percent fall, with the long finer crossbred fleece ranging from firm to 3 percent cheaper.
Fine crossbred shears were well sought after, increasing in price by up to 4 percent.
Coarse carpet type fleece rose as much as 2 percent, with the second shears strengthening between 1 and 2 percent.
A nominal offering of first lambs' fleece was up to 7 percent dearer for the long wools while the shorter types remained firm.
Long coarse oddments in the South Island ranged from six to 11 percent dearer, with the short types rising in price by between 1 percent and 3 percent.
Buyers from China, India, the Middle East and the United Kingdom dominated widespread competition at the sales, with those representing Western Europe and Australasian carpet mills also providing support.
Next week's auction, on July 29, will be a combined sale of North and South Island wool, offering approximately 7800 bales and 6700 bales respectively.
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