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Wool prices firm up as demand gets stronger
20
Jun '08
Decline in currency has strengthened prices of 12,000 bales of North Island wool in Napier and this certainly has been a blessing for growers who have so far suffered from the consequences of weak market demand.

Since the last auction on June 5, New Zealand dollar has declined by 1.5 percent against US dollar and this has brought a remarkable increase in sales bringing an additional profit of 1-2 percent to the dealers.

While finer crossbred hoggets were 1 percent to 2 percent stronger, the coarse crossbred fleece and shears soared by 2-4 percent.

Average style fleece were the most in demand with sales going high and standing in contrast to the previous auction. Even the small offering of lamb wool remained fully firm.

Oddments 2.4cm - 5cm inches and longer were 2 percent to 3 percent higher, however the shorter lengths did not attract the same interest and were in fact 2- 3 percent cheaper.

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