3 Apr 2009

Wool prices rebound

11:35 am on 3 April 2009

Wool prices have picked up again this week, recovering some of the ground lost at last week's sales, under pressure from the exchange rate.

New Zealand Wool Services International reports that currency fluctuation had little impact on Thursday's South Island sale in Christchurch and prices strengthened for most of the wools.

It says the small offering of fewer than 9,000 bales and the high passing-in rate, with slightly more than 60% of offerings sold, contributed to the improved result.

Prices for fine crossbred fleece rose by 1% to 2%, and 32-micron and 33-micron shears were up by 4%.

However, carpet-suitable wools got a mixed reception, with some types selling for up to 6% more but average style fleece dropping by between 5% and 7%.

Lambs wool also produced mixed results, with finer wools gaining ground but coarser wool easing a little.

The strongest buyer interest came from China, Australasia and the Middle East.