Wool market overall remained somewhat easier this week auction

The wool market appeared to be finely balanced between supply and demand factors with wools in shorter supply attracting better competition. This week wool auction comprised of 13,700 bales combined both North and South Island.

It witnessed an 83 percent clearance with an overall slightly easier market, mainly driven by a stronger New Zealand dollar compared to last sale on 5th February, according to Mr. John Dawson, General Manager of New Zealand Wool Services International Limited.

The weighted indicator for the main trading currencies was up 0.97 percent and 1.3 percent against the US dollar.

Fine Crossbred Fleece and Shears ranged from firm to 2 percent easier.

Coarse Crossbred Fleece and Shears were also firm to 2 percent easier.

First Lambs varied between centres with the North Island finer types up to 2.5 percent cheaper and coarser types up to 1 percent dearer. While, South Island Lambs were firm to 2 percent cheaper. Oddments were generally firm overall.

Next sale on 20th February comprises approximately 7,700 bales from the North Island and 6,600 from the South Island.

Competition remain limited with China and Australasia principal, supported by India, Western Europe, Middle East and United Kingdom.