30 Jan 2009

Wool prices slip

6:06 am on 30 January 2009

A slight improvement in prices at last week's wool sales was not continued at North and South Island auctions on Thursday, with prices for most types slipping a little.

A total of 15,000 bales was offered at sales in Napier and Christchurch, with a quarter of the bales passed-in.

Although the New Zealand dollar eased a little against other trading currencies since last week's sale, New Zealand Wool Services International says it provided little support to the market.

NZWSI says the weaker demand and prices were because of inactivity in China as a result of New Year festivities and the continuing world economic uncertainty.

Hogget and carpet wools were 1% - 2% cheaper.

Finer types of first lambs' fleece dropped by up to 2.5% and coarser types by up to 4.5%.

Small offerings of mid micron fleece, fine crossbred fleece, poor style shears and combing oddments were the exceptions, with prices for those rising by up to 2.5%.

A similar amount of wool will be offered for auction next week.