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.
The weighted currency indicator for the main trading currencies eased again compared to the last sale on 27th August, coming down 0.92%, mainly due to the US dollar influence.
Ching says that apart from the finer end of the Fine Crossbred longer shears, which came down 2 to 4%, the balance of this category ranged from 3 to 7% dearer with shorter types benefiting the most.
Coarse Crossbred Fleece were firm to 2.5% firmer with better styles attracting the most support.
Coarse Shears were firm to 4.5% stronger with shorter types in strong demand.
Oddments were firm to 1.5% dearer.
Overall, there was good competition with China, Australasia and Western Europe dominating, supported by the Middle East, United Kingdom and India.
The next sale is scheduled for 10th September and comprises approximately 8,900 bales from the South Island.
