Friday, 25 May 2012 09:58

Wool prices lift

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Compared to last week's North Island auction on the May 17 the weaker New Zealand dollar and restricted supplies, coupled with renewed overseas buying, combined to lift prices for the 7885 bales of South Island wool on offer this week, New Zealand Wool Services International Ltd's general manager, John Dawson advises.

The weighted indicator for the main trading currencies was down 1.28% and 87.7% of the offering sold.

Dawson reports a small selection of early season mid micron fleece were firm to 2% dearer compared to the last offering on May 10.

Inter-Island comparison of wool types do not always easily line up, however in general terms compared to May 17 sale, Fine Crossbred Fleece and Shears were 2 to 4% firmer.

Coarse crossbred full fleece were to 2 to 4.5% stronger. Coarse Shears were strongly contested generally lifting 5 to 10%.

First Lambs were up to 2% dearer. Long oddments remained firm with shorter types up to 2% stronger.

Wider spread competition with China, India, Western Europe and Australasia dominating, supported by United Kingdom and the Middle East.

Next sale on May 31 comprises about 9400 bales from the North Island.

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