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A weakening New Zealand dollar and steady offshore buying saw all wool types improve for the latest South Island wool auction, reports NZWSI.
The auction, which offered 9300 bales, saw 87% selling, says NZWSI marketing executive, Malcolm Ching.
The weighted indicator for the main trading currency came down 1.29% compared to the last sale on September 3.
Merino fleece, 21.5 micron and finer, were 5-10% dearer with 22 to 23.5 microns 1- 2% firmer than the last time they sold, on August 27, says Ching.
Mid micron fleece, 24 to 29 micron, were firm to 3.5% dearer with 29.5 to 31.5 3 to 7% stronger.
Compared to the September 3 sale, fine crossbred full fleece and longer shears were 4-6.5% dearer with shorter shears 1-3% firmer.
Coarse crossbred full fleece were 5-7% stronger, longer shears 3- 6% dearer and shorter shears ranged from 1.5- 6% stronger.
Oddments were firm to 4% firmer.
The auction saw strong competition with China the principal, supported by Western Europe, Australasia, Middle East and India.
The next sale has been fixed for September 17 and comprises about 6000 bales from the North Island.
The recently signed free trade agreement with India is an invitation to strengthen relationships between the New Zealand and Indian strong wool industries, says Wool Impact chief executive Andy Caughey.
Strong competition and tightening supply have seen wool reach its highest prices paid at auction since 2011.
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