A favourable exchange rate could not prevent prices easing at last week's combined sale of North and South Island wool in Christchurch and Napier.
New Zealand Wool Services International reports that concerns about the stability of the international economy and a volatile exchange rate, combined to weaken the market. Buyers also worried that recent bad weather could disrupt the flow of wool in coming weeks. It has already led to the cancellation of the June 10 sale.
Buyers were particularly selective with the small offering of mid micron wool, where prices ranged from 2.5% cheaper than the sale the previous week, to 3% dearer.
Chinese buyers underpinned the market for fine crossbred wool which firmed in price with coarse carpet fleece and shears, which made up the bulk of the offering, generally easing in price by 1% to 2%..