Wool market continue to remain steady after facing downward pressure

After the recent downward pressure faced at the wool market, this week's auction of 7300 bales of South Island wool saw a firm to dearer market with an 86 per cent clearance rate. A continual flow of buyer interest with limited volumes of desirable wool types combined to balance the wool market

John Dawson, general manager of New Zealand Wool Services International Limited's said that the weighted indicator for the main trading currencies lifted slightly by 0.58 per cent, compared to the February 20 sale.

Fine crossbred full fleece remained stable and longer shears ranged from firm to 3.5 per cent dearer with shorter types also firm.

Good colour coarse crossbred full fleece held steady with poorer types recovering ground, lifting by 2 to 3.5 per cent.

Longer coarse crossbred shears were firm to 3.5 per cent stronger and shorter types were buyers' favour to firm. First lambs' fleece were firm to 1 per cent dearer. Coarse oddments were 3 to 4 per cent stronger, with short types 1 to 5 per cent dearer.

The next wool auction will comprise about 11,700 bales from the North Island and 6900 bales from the South Island which is schedule for 6 March.

There was well spread interest on the buying bench with Australasia, Western Europe, India and United Kingdom ruling.