The New Zealand wool market experienced a significant upturn this week, thanks largely to a weaker local currency. At the South Island sale held on 16 August, the Coarse Crossbred Indicator rose by 9 cents (2.9%) to close on 319 cents, and in US dollar terms gained 1 cent (0.5%) to finish on 210 US cents.
The New Zealand dollar weakened by 2.55% against the US dollar compared with the previous week, finishing at 65.80 US cents. The total offering was 9,661 bales, with a clearance rate of 86%.
Compared with the North Island sale on 9 August, prices moved as follows: Fine crossbred early shorn of 35 microns and finer – 2-4% dearer. Coarse crossbred fleece of 36-39 microns – good styles 3-4% dearer, average styles 3-5% dearer, poorer styles firm. Among the coarse crossbred early shorn and second shear types of 36-39 microns, 3/5 inch were 3-4% dearer, 3/4 inch 3-4% dearer, 2/4 inch 3% dearer, 2/3 inch 2% dearer. Crossbred oddments – good style 3-5% dearer.
Source: Wool Services International
