Prices continue upward trend at North Island wool sale - 22 October 2009

New Zealand Wool Services International Ltd reports that prices at today’s wool sale in Napier continued to trend upwards, despite a further rise in the New Zealand dollar.

Since the previous South Island sale on 15 October, the New Zealand dollar has increased in value by two per cent against a weighted indicator of the main international wool trading currencies.

Of 9,300 bales on offer today, 78 per cent sold.

According to New Zealand Wool Services International, since the previous North Island wool sale on 8 October, all carpet types increased in price by up to 2.5 per cent, with only the 34.0 micron and finer hogget types bucking that trend to reduce in price by up to two per cent.

Compared to last week’s Christchurch sale, crossbred prices were generally par to buyers’ favour, although in terms of all trading currencies except Sterling, these types were one to 2.5 per cent dearer.

As with recent New Zealand sales, widespread competition prevailed with Australasian carpet mills, China, the Indian continent and Europe active.

Next week’s wool auction, on 29 October, will be of South Island wool, in Christchurch, offering approximately 10,500 bales.

New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends. A summary of this can be viewed at http://www.nzwsi.co.nz. The full report is available by negotiation with the company.