New Zealand wool market is basically stable

New Zealand Wool Service International Co., Ltd. reported that during the combined auctions on the North Island and the South Island this week, the largest weekly supply in the single week occurred, reaching 25,300 bales. The market remained basically stable with a turnover rate of 82%.

The slight depreciation of the New Zealand dollar caused the index of the major trading currencies to be slightly lower by 0.83% than the previous auction held on February 16. The supply of Merino wool declined by 3-5%, in line with other markets.

Selected medium-micron shears remain stable. The price of fine hybrid wool and shearing has increased by 1-4%, which has received stable assistance from China. The price of rough hybrid wools has risen from stable to 5%, and interest in better and longer types of wool has increased. The price of warehouse rental shears has risen from stable to 3.5%, however, the short-term price has dropped by 1-2%.

For the first time, the price of lambs went from stable to rising by 3%, with the longest type having the largest increase. Broken hair ranges from stable to falling by 3%. The competition spreads well among participants in China, Western Europe, the Middle East and Australia, and is supported by buyers from India and the United Kingdom.