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Wool market gets volatile despite strengthening prices

24
Apr '08
Wools sales for 7,900 bales of North Island wool in Napier remained steady as prices either increased or remained steady for all the other types.

New Zealand dollar, strengthened by one percent against US dollar and other trading currencies since its last auction on April 17. Although, this should have pulled down the prices of wool, robust demand for the commodity outweighed the currency factor during the sales scheduled today.

Prices of hogget shears went up by one-two percent while good color coarse fleece gained somewhere between 1-3 percent.

Moreover, Lamb's wool continued to get strong with recent gains ranging from firm for shorter lengths to two percent higher for longer types. Even Oddments hiked by 1-3 percent.

South Island wool is the next in the list of auction scheduled for next week on May 1, comprising about 11,000 bales, in Christchurch.


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