8 May 2009

Mixed results at North Island wool sale

11:59 am on 8 May 2009

There were mixed results at the North Island wool sale on Thursday, as demand for some types was negated by the higher New Zealand dollar.

New Zealand Wool Services International reports that the dollar has strengthened by 2.5% since last week's sale, against a weighed indicator of the main wool trading currencies.

Only 64% of the 11,000-plus bales on offer were sold.

Domestic demand for selected coarse carpet wool types was strong, with prices for the good styles rising up to 12%. Poorer styles increased by up to 4%. Average coloured wools improved the most.

Fine crossbred fleece and longer shears rose between 3% - 5% with shorter shears easing by up to 3%.

Longer early shorn shears gained 4%, but shorter shears eased up to 2.5%.

Finer lambs' fleece was firm to 2.5% cheaper, but a higher volume of coarser short lambs' fleece proved harder to place, dropping in price between 5% - 8%.

Combing oddments strengthened 1%, although the shorter types finished 2% - 4% cheaper.

The most significant buyer interest was from Australasian Carpet Mills, China and India.

Next week's sale of South Island in Christchurch will have over 17,000 bales up for auction, as brokers bring passed wool that was passed in at previous sales.