Mixed signals on wool prices

Pricing signals were mixed at today's wool sale, with some types reacting to recent currency fluctuations while others continued to increase in value, New Zealand Wool Services International Ltd reports

In the combined auction of North and South Island wool in Napier and Christchurch, 80 percent of the 15,500 bales on offer sold.

Since the previous offering last Thursday, the New Zealand dollar was up by 0.62 per cent against a weighted indicator of the main international wool trading currencies. However, the increase was substantially greater than this in the days preceding the sale.

Despite this potentially negative influence on the local market, some categories were strongly contested, with prices firm to dearer, NZ Wool Services International said.

Fine crossbred fleece and shears were 1.5 to 4 percent cheaper. Coarse crossbred fleece was generally firm, with the shear types firm to 1 percent cheaper. First lambs' fleece was firm to 3 percent cheaper

While long oddments ranged from 1 to 2 percent easier, prices for short oddments went in the other direction, varying between 2 and 6 percent stronger.

Buyers from China, India, Western Europe and the Middle East were to the fore at the sale, supported by interests representing Australasia and Asia.

Next Thursday's auction will be in Christchurch, offering about 7600 bales of South Island wool and 1500 bales of North Island wool.

- NZPA