Weak New Zealand dollar lifts wool prices (New Zealand)

New Zealand Wool Services International Limited reported that compared to last week’s North Island auction on the 17th May, the weaker New Zealand Dollar and restricted supplies, coupled with renewed overseas buying, combined to lift prices for the 7,885 bales of South Island wool on offer this week.

The weighted indicator for the main trading currencies was down 1.28 percent and 87.7 percent of the offering sold. A small selection of early season Mid Micron Fleece were firm to 2 percent dearer compared to the last offering on 10th May.

Inter-Island comparison of wool types do not always easily line up, however in general terms compared to 17th May sale, Fine Crossbred Fleece and Shears were 2 to 4 percent firmer. Coarse Crossbred Full Fleece were 2 to 4.5 percent stronger. Coarse Shears were strongly contested generally lifting 5 to 10 percent.

First Lambs were up to 2 percent dearer. Long Oddments remained firm with shorter types up to 2 percent stronger. Wider spread competition with China, India, Western Europe and Australasia dominating, supported by United Kingdom and the Middle East.