The New Zealand wool market experienced a downturn this week despite a weaker local currency.
At the South Island sale held on 25 October, the Coarse Crossbred Indicator fell by 3 cents (0.9%) to close on 316 cents, and in US dollar terms also lost 3 cents (1.4%) to finish on 206 US cents.
The New Zealand dollar weakened by 0.49% against the US dollar compared with the previous week, finishing at 65.21 US cents.
The total offering was 8,792 bales, with a clearance rate of 70%.
Compared with the North Island sale on 18 October, prices moved as follows: Fine crossbred fleece of 35 microns and finer up to 1% dearer. Fine crossbred early shorn of 35 microns and finer firm. Coarse crossbred fleece of 36-39 microns – good styles up to 1% dearer, average styles firm, poorer styles 2-3% cheaper. Among the coarse crossbred early shorn and second shear types of 36-39 microns, 3/5 inch were firm, 3/4 inch firm, 2/4 inch firm, 2/3 inch firm. Crossbred oddments – good style – up to 2% dearer.
Source: Wool Services International
