13 Aug 2011

Wool prices pick up

4:06 pm on 13 August 2011

Wool prices, which have been under pressure from a high New Zealand dollar and a seasonal lull in overseas demand, have revived at this week's sale.

A more favourable exchange rate helped the turnaround, with the dollar falling by more than 5% against other trading currencies since last week's auction.

Buyers from China, Europe and the UK, as well as Australasia, were back in the market at Thursday's combined North and South Island sale. They bought more than 80% of the 10,500 bales on offer.

Price gains ranged from 1% for some coarser crossbred wools to more than 6% for fine cross-bred early shorn and second shear wools.