11 Mar 2011

Another hefty lift in wool prices

7:30 am on 11 March 2011

A drop in the value of the New Zealand dollar over the past week has contribued to a further hefty lift in wool prices.

Wool Services International says there was a strong demand for all wool types at Thursday's auction of 24,000 bales of North and South Island wool.

The demand and the more favourable exchange rate pushed up prices by a further 4% to 12% and all the wool on offer was sold.

Fine crossbred fleece and shears rose between 4% and 11%, first lambs fleece was up to 10% dearer and combing oddments were up between 7% and 12%.

Buyers from China and India dominated the sale.