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 12,100 bales on offer 79% sold.
The weighted indicator for the main trading currencies dipped 1.2%, helping local price levels.
Steel advises recent lower market levels and slowly reducing stock levels in the manufacturing pipeline have helped stimulate recent buying with China beginning to lift their activity.
Fine mid micron fleece under 28 microns were firm to 3% easier with the coarser end 2 to 4% dearer.
Fine crossbred fleece gained 2 to 3.5% reflecting Chinese interests. Good style coarse crossbred fleece remained firm with average styles firm to 3% dearer.
Coarse shears were generally firm to 1.5% stronger except the 2 to 3 inch wools which lifted 3%.
A nominal offering of first lambs were firm to 1.5% dearer. Oddments came under strong competition lifting 6% for all categories.
Well spread competition with China, India and United Kingdom principals, supported by Western Europe, Australasia and the Middle East.
The next sale on September 6 comprises about 8500 bales from the North Island.
