New Zealand Wool Prices Hit Highest Levels Since 2011 Amid Tight Supply and Surging Demand
Strong competition and tightening supply have seen wool reach its highest prices paid at auction since 2011.
Of the 8,340 bales on offer, 83% sold. The weighted currency indicator was 0.46%t down on last sale of May 2 but started the day below this level, strengthening as the sale progressed.
Steel advises although Mid Micron Fleece was up to 4% dearer compared to a nominal offering at the last South Island sale the indicator is down significantly due to consistently weakening prices for these types in other markets over previous weeks.
Fine Crossbred Fleece and Shears 3 to 4 inches and longer were 3 to 5% dearer with shorter types making a significant recovery of 5 to 8% after last weeks' weakness in this area.
Coarse Crossbred Fleece and Shears were 2.5 to 5.5% stronger.
Finer First Lambs and longer Coarse Lambs Fleece were 2% dearer with Coarser Short Lambs 2 percent easier.
Long Oddments remained fully firm with Short Oddments 3 to 6% dearer.
Well spread competition with China, Western Europe and United Kingdom principals supported by India, Middle East and Australasia.
The rostered North Island sale on May 16 has been cancelled due to insufficient wool. The next sale is in the South Island on May 23 comprising about 7,300 bales.
