11 Sep 2009

Wool prices rise

6:00 am on 11 September 2009

Wool prices rose across the board at the North Island wool sale in Napier on Thursday, compared with the last sale held there a fortnight ago.

New Zealand Wool Services International says the dollar has strengthened by 2.5% against the main wool trading currencies since last week's South Island sale.

However, with 70% of the 10,000 bales on offer selling, it says prices have defied the effects of the stronger dollar.

Compared with the last North Island sale a fortnight ago, strong demand lifted the finer end of the hogget wool prices by up to 10%, while coarser hogget wools were firm to 4% dearer.

A small offering of good colour coarse fleece was up to 1.5% dearer.

Longer coarse shears rose up to 2.5% percent, with the previously neglected shorter shears gaining up to 4%.

Long oddments continue to be in strong demand, increasing by as much as 8%. Very short oddments were up to 6% dearer, making prices for these types now comparable to South Island levels.

Buyer interest was strongest from Australasian carpet mills.

Next week's auction of South Island wool, will see 14,000 bales of wool offered for sale.