Weaker wool market in New Zealand (New Zealand)

New Zealand Wool Services International Ltd reported that this week’s offering of 10,500 bales from the South Island saw a generally weaker market with 55 percent of the offering sold.

The weighted indicator for the main trading currencies was unchanged having minimal impact. With nearly 50 percent of the offering comprising long pre lamb shorn fleece and coarse shears at a time when the Western European markets are on annual vacation and others are reticent to buy, this week’s lower levels come as a little surprise.

Compared to the last time sold in the South Island sale on 28 June, the Mid Micron Fleece finer than 28 microns resisted the trend, remaining firm to 4 percent dearer. 28.5 to 30.5 micron were firm to 1.5 percent cheaper.

Compared to the last sale on 12 July, Fine Crossbred Fleece and Early Shorn 33 to 35 micron were 3.5 to 5.5 percent softer. Coarse Crossbred Fleece and Early Shorn Wools were 5 to 8 percent weaker with limited competition. Coarse Second Shears ¾ inches and shorter were generally firm to easier. First Lambs 30.5 micron and finer were firm to 1 percent cheaper with coarser types 1 to 4 percent cheaper. Combing Oddments were up to 5 percent weaker with Clothing types firm to 3 percent easier.

Restricted competition with targeted buying against immediate shipping requirements. No individual markets dominated this week’s auction.