NZ Wool Market firms despite strong NZ Dollar

New Zealand Wool Services International Ltd reports that prices firmed at today’s wool sale, despite a rising New Zealand dollar over the last week.

Of the 7800 bales on offer at the auction of South Island wool, 86 per cent sold.

According to New Zealand Wool Services International general manager John Dawson, the impact of a resurgent New Zealand dollar was negligible as short supply combined with steady demand to drive prices up.

“Compared to last week’s sale on 25 August, the dollar rose 2.93 per cent against the weighted indicator for the main wool trading currencies. However, this potentially negative factor had practically no impact on a market that is under the influence of demand and supply.

“A small volume of merino fleece on offer today was up to 1.5 per cent dearer than prices for the nominal offering at the previous sale.