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.
The weighted indicator for the main trading currencies lifted 0.21% to the downward pressure on local prices.
Dawson reports the northern European summer break and continuing pressure on China's internal economic situation is limiting the market at present as exporters cover for immediate shipment commitments only.
The fine and coarse end of the mid micron wools were firm to 2.5% dearer, with only the 26.5 to 27.5 types 1 to 3.5% cheaper. Fine crossbred full fleece were firm to 3% cheaper with shorter types firm to 2% easier.
Coarse crossbred full fleece and longer shears eased by 1% with the shorter types coming back 2 to 4%. A nominal offering of first lambs were firm to 4% cheaper.
Limited competition was spread mainly between China, Australasia and the Middle East with support from Western Europe, India and the United Kingdom.
The next sale on August 8 comprises about 5400 bales from the South Island.
