12 Nov 2010

Wool prices hold at auction

10:38 am on 12 November 2010

Cross-bred wool prices have held at this week's North Island wool sale, after losing ground to a soaring New Zealand dollar last week.

The small sale, of less than 6000 bales, ended with 95% sold.

There's been little movement in the exchange rate since last week, and prices for the range of cross-bred fleece and second shear wool were firm to slightly dearer.

Exporter Wool Services International says that reflects a supply shortage and continuing demand from China.

Meanwhile, a new range of hand-crafted New Zealand wool rugs has gone on sale in the United States.

Wool Equities general manager Keith Cowan says it's the result of a joint venture between the farmer-owned investment company and sheep breed organisation Romney New Zealand which initiated the rug project several years ago.

Two new broadloom carpet ranges will follow.