27 Mar 2015

High NZ dollar hits wool prices

7:23 am on 27 March 2015

Wool prices have taken a bit more of a hammering from the exchange rate this week.

The New Zealand dollar has climbed against the US dollar and other trading currencies, reducing the value of wool exports.

The other factor softening prices at this week's South Island wool sale was the timing.

The heat was off exporters to buy as they had had already completed urgent shipments for Asian markets.

That meant prices fell for most of the wool on offer, but finer cross-bred wool took the biggest hit, selling for up to five percent less than last week.

About 80 percent of the almost 10,000 bales on offer sold.

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