NZ Woolsellers buy into NFX

96 per cent of the wool on offer sold at the inaugural Natural Fibre Exchange.

The inaugural Natural Fibre Exchange (NFX) trading event attracted strong participation with 96 per cent of the wool on offer sold.

The NFX, launched earlier this month, is an innovative independent online trading platform for natural fibres, with an initial focus on New Zealand wool.

NFX shareholders Wools of New Zealand (WNZ) and Alliance Group are working with CRA International, a global leader in online trading platforms which designed the NFX platform and manages the trading events as NFX trading manager.

Rosstan Mazey, WNZ chief executive and NFX spokesperson said the first trading event attracted a good cross section of New Zealand's major wool buyers, while six significant sellers provided lots for sale.

"It's a new platform for wool buyers and sellers, it's intuitive and initial feedback has been positive. We are excited about the potential for adding efficiency and value to the buying and selling process — we look forward to additional industry support as we progress."

Brad Miller, CRA vice president and Auctions and Competitive Bidding Practice leader said the first live event had gone smoothly with bidders bidding actively round by round. "Similar to CRA's other trading platforms for agricultural products including GlobalDairyTrade and CranberryAuction, NFX provides a trusted and transparent selling and buying marketplace."