Wool prices fall, 46% passed in

There was another "superb" offering of pre-lamb mid-micron and crossbred fleece at last week’s South Island wool sale but prices continued their downward trend of recent weeks.

The 46% of the offering passed in was one of the largest passed-in rates for some time, Roger Fuller, of CP Wool, said.

With a continuing strengthening in currency and overseas markets, especially China, very quiet, concern was increasing in the industry as to where the market would bottom out, Mr Fuller said.

Most wool types were up to 5% cheaper.

The biggest correction was in the 29 to 30 micron, which was up to 8% cheaper.

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