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South Island wool in favour at auction

NZ NewswireNZ Newswire 20/05/2016 Tina Morrison
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New Zealand wool prices gained at Thursday's South Island auction as buyers preferred the southern offering to last week's North Island selection.

The coarse crossbred wool indicator advanced 3 per cent from last week, with the benchmark 39-micron strong wool price rising to $5.95 per kilogram from $5.70/kg last week, AgriHQ said. The lamb wool indicator advanced 1 per cent, with 30-micron lamb wool increasing to $6.20/kg from $6.05/kg last week.

"Prices at this week's South Island auction were stronger than the North Island auction last week," said AgriHQ analyst Shaye Lee.

"Slight price discrepancies between the two islands were not uncommon, as seen during previous auctions. Movements were varied across wool types when compared with the last South Island auction."

Some 7,016 bales were offered at auction on Thursday, the highest level so this month. However only 76 per cent of the bales were sold, lower than the past three auctions as some suppliers were holding back for better prices, Lee said.

Next week's North Island sale will offer about 8,100 bales.

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