Friday, 02 March 2012 10:01

Wool market strengthens

Written by Pamela Tipa

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A South Island offering of 8400 bales saw a generally firmer market this week and an 89% clearance rate, says New Zealand Wool Services International Ltd's marketing executive, Malcolm Ching.

The weighted indicator for the main trading currencies strengthened slightly by 0.39% compared to the last sale on February 23, having minimal impact.

Ching says a rise in customer activity in recent days has seen a previous flat market steady with some sectors showing strong activity, although there are wool types that are still struggling for support.

Fine crossbred fleece and shears were firm to 2.5% stronger with steady Chinese interest. Coarse full Fleece was well supported with levels remaining firm to 3% stronger. Longer shears, which were pressured last sale, eased back by up to 2%. Shorter shears were firm to 3% dearer. Fine Lambs fleece eased slightly with the longer coarser types firm to 3% stronger.

All oddments were 1.5 to 4% dearer. Well spread competition with China, Western Europe and India principals supported by Australasia, Middle East and United Kingdom.

The next sale on March 8 comprises about 17,700 bales from the North Island and 8600 bales from the South Island.

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