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 North Island offering was at 6,100 bales with 90 % of the selection sold with most growers meeting the market.
Compared to the last sale on 22nd October, the weighted indicator for the main trading currencies firmed by 0.47%.
This had minimal impact as restricted demand continues to be the main market driver.
Fine Crossbred Full Fleece eased 1.5 to 4% with shorter types ranging from firm to 4% cheaper.
Good colour Coarse Full Fleece came down 3.5% with longer shears 1.5 to 4% easier.
Shorter Shears fared better as local demand underpins them, with 3 to 4 to 2 to 3 inch wools firm to buyers favour.
Good colour Short Oddments were 3.5% easier.
There is limited competition with Europe and China principals for the fine crossbred wools and Australasia is dominating the coarse wools. Limited support from elsewhere.
Next sale on 5th November comprises of approximately 5,400 bales from the South Island.
