21 Jan 2013

Strong demand lifts wool prices

8:49 am on 21 January 2013

Strong demand - especially from China - has given wool prices a leg up at the first sales of the new year.

At last week's combined North and South Island auction, 99% of the more than 17,000 bales on offer were sold, with a signficant price rise for some types.

New Zealand Wool Services International says some customers' need for quick delivery and firming wool markets helped to drive the lift in demand and prices.

Mid-micron fleece firmed by up to 3% and crossbred fleece and shears sold for prices which were up to 6 - 9% higher than at the previous sale.

First lambs wool was also 4 - 9% dearer.

The lift at last week's sale came on top of improved prices for most wool types seen at the first sale of the season, where 90% of the almost 22,000 bales on offer were sold.