New Yuan Appreciation: New Zealand Wool Prices Remain Unchanged

　　 In the new wool auction held in New Zealand in June 3rd, the price of most types of wool rose. Despite the adverse appreciation of the value of New Zealand dollar, the appreciation of the new yuan will effectively increase the cost of New Zealand's exports.

Today's auction was conducted in the combination of Napier on the northern island and Christchurch on the southern island, and 78% of the 14250 packages of wool provided.

The exchange rate between New Zealand dollar and the main international wool trade currency increased by 1.76% compared with the auctions in May 27th. Normally, the appreciation of domestic currencies will destroy the local price level.

The sales manager of New Zealand wool Service International said that interest in purchasing larger wool today is higher than expected.

The supply of medium micron wool is normal, the diameter of the fiber is between 27-30.5 microns, the price has increased by 2-4%, and the price of the fine hybrid wool has increased by 1.5-3.5%.

The smaller carpet type has strong competition and the price has increased by 6%. The price of wool with high quality and color has increased by 4%, and the price of other types of wool has basically remained stable. The price of crude shearing increased by 5% from last week's stability to this week. The inferior type of wool has the most benefit on the northern island.

The price range of lamb cut ranges from stable to 1%.

There was fierce competition for a small part of fine short lamb, the price rose by 4-15%, and the batches of the southern island got the best price.

The price of shorter coarse wool has risen by 2%.

The wool is basically stable, with a maximum increase of 3%.

Buyers from China, India and the Middle East dominate the auction market, and the purchase of carpet factories in the UK and Australia also plays a supporting role in the market.

　　 Next week's planned sale was cancelled because of the bad weather throughout the country last week. The next wool auction, if weather conditions permit, will be held in June 17th at Christchurch, Napier on the northern island and on the southern island of Christchurch, with a supply of 19000 bags of wool.