1 Feb 2013

Wool prices fall further

6:33 am on 1 February 2013

Wool prices lost more ground at this week's sale.

Demand from China and pressure to get wool shipped quickly, pushed up prices at the first sales of the new year.

But prices for most wool types fell last week, as that pressure eased and that trend continued at Thursday's combined North and South Island sale.

New Zealand Wool Services International says mid micron fleece and fine crossbred fleece and shears were up to 4% cheaper.

Coarse crossbred fleece sold for up to 6% less, except for a small offering of shorter wool in the South Island which fetched up to 4.5% more.

WSI said 80% of the almost 20,000 bales on offer were sold.

Wool Services expects the demand from China to slow further, as businesses there start closing for the Chinese New Year celebration.