The strengthening New Zealand dollar coupled with slowdown in demand pulled down prices at last weeks wool auctions.
Due to the rise of the NZ dollar against the US dollar, buyers were unable to bear the extra currency difference, which led to prices sliding down. Prices fell to a two-week low.
Among the variety of wools, coarse crossbred fleece was down 4-5 percent, mid-micron fleece fell 3 percent, fine crossbred fleece and shears 4-5 percent and coarse shears dropped 3-6 percent. However, poorer-styled wools, dipped by just 1-2.5 percent.
62 percent of the 18,600 bales on offer were sold.
Fibre2fashion News Desk - India
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