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.
With interest still continuing from China and pressure for exporters to meet shipping requirements, wool prices climbed to higher levels than expected.
The trade weighted currency index moved from 0.7269 to 0.7071 down 2.72%. This also contributed to today's lift.
Compared to the last North Island Sale on the September 18 a nominal offering of coarser crossbred fleece was 4% dearer.
Fine crossbred fleece 34 and 35 micron 4 to 6 inch rose 6 to 7% while 36 micron lifted up by 5%.
Fine crossbred early shorn and second shear 32 and 33 micron 3 to 5 inch rose by 2.5%, 33.5 to 36 micron 3 to 5 inch was 5% dearer, 31 to 36 micron 3 to 4, 2 to 4 and 2 to 3 inch were 5 to 7% dearer while 34 to 36 micron 2 to 4 inch rose 12%.
Coarse crossbred early shorn and second shear 38 micron and coarser 3 to 4 and 2 to 4 inch climbed 9%.
Crossbred combing oddments remained firm while clothing oddments, average style were 2.5% dearer and poor style 6.5% dearer.
The next sale on the October 9 comprises about 8900 bales from the South Island.
