20 Jul 2012

South Island wool sale very slow

8:19 am on 20 July 2012

Barely half of the wool up for auction was sold at the first South Island sale of the new season this week.

Poor demand also pushed most prices down.

Exporter New Zealand Wool Services International says the result comes as no surprise.

Nearly half of the 10,500 bales on offer was long, pre-lamb shorn fleece and coarse shears, put up at a time when western European markets are on annual holiday and others are reluctant to buy.

Compared with last week's North Island sale, cross-bred fleece and early shorn wool prices fell by up to 8%.

First lambs wool prices also eased.

Finer mid-micron fleece resisted the trend, gaining up to 4% on prices at the last South Island sale.