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.
New Zealand Wool Services International Limited's marketing executive, Paul Steel reports that the weighted indicator for the main trading currencies eased slightly by 0.4% compared to the last sale on 7th May.
Of the 5,500 bales on offer, 98% sold.
Steel says that continued requirement for China saw the Fine Crossbred Shears range from firm to 2.5% dearer. Coarse Crossbred Full Fleece were firm to 2% stronger.
Longer Coarse Shears were 1 to 2.5% firmer with shorter shears, which made up over 50% of the offering, ranging from firm to 2% cheaper.
Long First Lambs fleece remained steady with shorter lamb's wool 1.5 to 2% easier.
Good colour short oddments were 1% cheaper with poor styles firm to 5% lower.
China dominated the auction, supported by Australasia, India, Western Europe and the Middle East.
The next sale on 21st May in the South Island is for approximately 10,000 bales, 4,000 bales above roster. The small volume of previous passed in wools held back by growers is coming forward for sale, attracted by recent improved local price levels.
