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Rising NZ dollar weakens wool sales & prices further
Jul '11
Wool auctions in New Zealand faced a slowdown in demand for the second consecutive week, due to the rise of the New Zealand dollar against other major currencies.

At the combined North and South Island sale on Thursday, just 62 percent of 17,000 bales up for auction were sold.

This also led to a drop in prices of various varieties of wool. Cross-bred wools fell between 2-5 percent, while mid-micron wool dipped 3 percent and lamb's wool also lost ground.

Experts attribute the rising NZ dollar as well as a slowdown in demand from Europe, due to the summer holidays, as the main reasons for low off-take as well as decline in prices.

Fibre2fashion News Desk - India

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