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 Ltd's chief executive John Dawson reports that of the 7700 bales on offer 85% sold.
The weighted currency indicator was up 2.06% compared to the previous week's auction.
Dawson advises a selection ranging from 21 micron merinos to 42 micron coarse wools with a cross section of styles and lengths provided attractive options to buyers which overrode the possible negative impact of the stronger dollar compared to the similar South Island offering on July 14.
Mid micron fleece were well supported with increased Chinese interest, lifting 4 to 12%.
Fine crossbred fleece and shears were 2 to 3% firmer. Coarse crossbred full fleece lifted 3% for all styles with coarse shears ranging from firm to 3.5% dearer. Oddments were up 3 to 5%.
Where comparable to last week's North Island auction, levels are 4 to 7% higher.
Good competition with Australasia, Western Europe and China principals, supported by Middle East, India and United Kingdom.
The next sale on August 4 comprises about 5000 bales from the South Island.
