New Zealand wool market remains strong

Paul Steele, marketing manager of New Zealand Wool Services International Ltd., reported that in the North Island auction today, the supply of wool reached 6,800 bales, 96% of the transactions. The wool market remains strong. This high sales rate was achieved when the New Zealand dollar appreciated by 1.5%.

The limited supply of fine hybrid wools resulted in a price increase of 1%, while the price of coarse crossbred wool of general color remained stable. The price of wool with poor color rose by 2%.

The price of fine-sheared early shearing and secondary shearing rose by 1%.

The price of rough hybrid early shearing and secondary shearing (37 micron and 38 micron) rose by 1%, while the 39 micron price remained stable. The price of 37-micron and thicker wool fell by 2%.

There is a strong competition between participants in China and Western Europe, as well as support from buyers in the UK and India.

The next auction will be held on July 18 in the southern island. The number of wools registered for auction will reach 8,100 bales.