Sharechat Logo

NZ wool prices decline as Chinese buyers absent

Friday 19th February 2016

Text too small?

New Zealand wool prices weakened at auction as buyers from China, the country's largest export market, were still absent for the Chinese Lunar New Year holiday period.

Lamb wool, targeted by China at most auctions, fell to a nine-month low of $6.73 per kilogram at yesterday's combined North and South island auctions, from $7.03/kg last week, according to AgriHQ. Still, the price is 3 percent higher than the same time last year.

Clean 35-micron wool, a benchmark for crossbred wool used for carpets and accounting for the majority of New Zealand's production, eased to $5.73/kg, from $5.81/kg last week, although it sits 11 percent higher than the same time last year, AgriHQ said.

Some 79 percent of the total 12,290 bales on offer were sold at auction yesterday.

Chinese New Year, which fell on Feb. 8 this year, is one of the most important festivals for the Chinese community, with a week long public holiday which some extend for travel.

 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements
NZ Rugby not ready for a seat at Sky board table
MARKET CLOSE: NZ shares gain; Sky soars on NZ Rugby deal
NZ dollar falls ahead of inflation data
F&P Healthcare shares hit record on improved guidance
Bounce in international guest nights some reprieve for slowing tourism sector

IRG See IRG research reports