9 Nov 2008

Wool prices continue to weaken

8:55 pm on 9 November 2008

Wool prices have continued to weaken, under pressure from the economic climate and a fluctuating exchange rate.

At Thursday's North Island wool sale in Napier, prices for coarse cross-bred fleece and shears dropped by 3 to 4%.

Finer cross-bred and hogget wool prices softened by up to 3.5%.

New Zealand Wool Services International reports that only 32 micron fleece remained firm, due to limited supply.

About a quarter of the 8,700 bales up for auction were unsold.

Main buying interest came from Australasian carpet mills, China and India.