NZ wool auction records lowest clearance rate in almost 8 years amid weak demand

Thu, 06 Apr 2017

By Tina Morrison April 7 (BusinessDesk) - New Zealand's wool market remains weak, with the lowest clearance rate in almost eight years recorded at the latest weekly auction. Only 46 percent of the 11,699 bales offered at auction in the South Island yesterday were sold, the lowest level since June 6, 2009, according to AgriHQ. A large amount of the bales were re-offered lots which had failed to meet seller reserves at previous auctions. Compared with the last South Island sale two weeks ago, the price for 30-micron lamb wool fell 10 cents...

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