Friday, 09 March 2012 09:13

Dollar drop lifts wool prices

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The North and South Island Wool auction comprising 26,000 bales saw a firm to dearer market with a 90.3% clearance, New Zealand Wool Services International Ltd's marketing executive, Malcolm Ching says.

The weighted indicator for the main trading currencies compared to the last sale on March 1 dropped by 1.86 %, underpinning prices for one of the season's largest single day offerings.

Ching advises Fine Crossbred Fleece and Shears ranged from firm to 5% dearer, supported by steady Chinese interest.

Coarse Crossbred Fleece was 1 to 3% stronger with Coarse Shears firm to 3% dearer. First Lambs were firm to 2% dearer, except some of the shorter types in the South Island which eased up to 1%. Oddments ranged from firm to 4% stronger.

Good competition was reported with China, Australasia and Middle East principal buyers, supported by Western Europe, United Kingdom and India.

The next sale on March 15 comprises about 7300 bales from the South Island.

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