EASING OF WOOL AT NAPIER

Press, Volume CVIII, Issue 31836, 14 November 1968, Page 26

EASING OF WOOL AT NAPIER

(New Zealand Press Association) NAPIER, November 13. Compared with Dunedin, today’s wool market at Napier was 21 to 5 per cent cheaper for medium crossbreds and finer shorn hoggets, while prices for strong crossbreds were barely maintained. Second shear and oddments were generally unchanged.

The official report says that competition was well spread, with the Continent being the principal buyer, although buying on restricted limits. Today was the first day of the November double sale and 15,426 bales of new season’s greasy fleece wool, plus 7034 bales on account of the Wool Commission were offered. The new season’s offering comprised 40 per cent hogget. 30 per cent mvture fleece. 25 per cent oddments and 5 per cent early shorn and second shear. The hogget wool offered was generally well grown, of a desirable length and of good colour but many lines were showing the effects of last autumn conditions and showing some tenderness. Mature Wool The mature wool offered was also showing some tenderness and was generally not as bright in colour when compared with the hogget wool. Discoloration in oddments was somewhat prevalent in a

number of clips. Unclassed lines of hogget wool were somewhat erratic in price.

“While it is far too early to say whether today’s price drop at Napier is anything more than a pocket in the market, it would not be surprising if there were some tendency for prices to level out," said the chairman of the Wool Board (Sir John Acland) today, according to a Press Association message from Wellington. “The early strength in the market was expected, but perhaps not to the extent that occurred. The market may

well be settling down, but at a level much higher than last year,” he said. Primary Markets Sir John Acland said resistance to the market improvement of recent weeks had been demonstrated by topmakers and spinners who had been reluctant to shift their prices as abruptly as the primary markets. The manager of the Wool Commission (Mr H. L. M. Peirse) said that the market had been showing a sustained increase since the beginning of the season; at some stage it had to be expected to check and even reverse itself. “Unless the price fall is right across the board, it’s not too serious,” he said.