LONDON WOOL SALES

Press, Volume XCVI, Issue 28323, 8 July 1957, Page 14

LONDON WOOL SALES

“Downward Drift Arrested”

(Special Correspondent N.Z.P.A.) (Rec. 8 p.m.) LONDON, July 5.

An improved tone was evident and competition was more widespread, when the London wool sales continued with an offering of 10.261 bales, says the joint report of the Committee of London Wool Brokers and the London agency of the New Zealand Wool Commission.

The Home trade was the principal buyer but the Continent gave useful support and the clearance was satisfactory. New Zealand was represented by 4300 bales and all but a handful of 1775 offered in grease, came from the previous season’s production. They ranged from halfbreds to medium v crossbreds and in common with all Australian combing wools sold freely. Prices for halfbreds were fully firm while crossbreds were sometimes Id clean lighter than Wednesday.

New Zealand scoureds comprised only 450 bales and among them were some good average style offsorts and lambs from Hawke’s Bay which continued to attract keen bidding of woollen spinners. They sold at the same prices as in May, Wednesday’s slight decline being recovered. Slipes. which had also sold well on Wednesday, comprised another strong section of the market and here again prices mostly reverted to the May closing rates under lively competition from both Home trade and Continental users.

The outcome of this week’s London sales has done much to bring about a stronger tone in Bradford, where quotations for crossbred tops had been somewhat weak and tending downwards.

The general feeling is that the second week of the London series will endorse today’s basis and it is possible more orders will come into the market now that the downward drift has been arrested. This week’s selection from New Zealand has been rather undistinguished, but among the greasy wools from previous production halfbreds of 58-60’s quality and good-average style have realised up to 82d. with those of similar style 56-58’s quality often selling at around 75d. Up to 70d had been obtained for good/average crossbred fleece of 50-56’s quality, while fleece of 50’s quality has generally fetched between 63d and 65Jd.

Among Hawke’s Bay scoureds shearling fleece has made 84d and over 80d has been obtained for first pieces and up to 85d for lambs.

LONDON METALS MARKET (N.Z. Press Association—Copyright) LONDON, July 4. The copper market was firm after being hesitant. Settlement price was £222 15s a ton. Tin was barely steady and the settlement price was £766. Lead was very steady, and zinc was firmer. Today’s quotations are:—

Buyers, a ton Sellers, a ton Copper— £ s. d. £ s. d. Spot •. 222 10 0 222 15 0 Forward 223 0 0 223 10 0 TinSpot 764 0 0 766 0 0 Forward .. 760 0 0 761 0 0 Lead— Spot 91 0,0 91 5 0 Forward 91 5 0 91 10 0 ZincSpot 77 0 0 77.10 0 Forward 75 0 0 75 5 0 Silver: 6s 61d per ounce spot: 6s 6d forward. Gold: £12 10s 8id per ounce. Tungsten ore (wolfram) 117s to 122s per unit.