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.
Marketing executive Paul Steel says that the weighted indicator for the main trading currencies came down 2.14% compared to the last sale on 28th May.
Of the 6,876 bales on offer, 94% sold.
Steel advises that resurgent interest from China saw Mid Micron fleece 24.5 to 31.5 micron increase 6 to 12% with Fine Crossbred Fleece 33 to 35 micron 1.5 to 5% dearer against the last time offered on 21st May.
Compared to last week's North Island offering on the 28th May, Fine Crossbred Shears were 2 to 6% stronger. Good colour Coarse Crossbred Fleece were up to 1.5% firmer, average style eased slightly with poor colour firm.
Coarse Shears were firm to 3% dearer.
First Lambs Fleece received very strong support, lifting 6 to 8%.
Long Oddments were nominally 3% cheaper with good colour short oddments 6 % dearer and poor colour 2 to 3% firmer.
Competition was well spread with China dominating, supported by Australasia, Middle East and Western Europe.
The next sale is due on 11th June and comprises approximately 9,100 bales from the North Island.
However, due to insufficient wool coming forward and no stock wools on hand in brokers stores, the rostered South Island sale on 18th June has been cancelled.
