20 Dec 2013

Wool prices bounce back

1:09 pm on 20 December 2013

Wool prices have bounced back after losing some of their lustre at auctions over the past few weeks.

More than 90% of the 16,000 bales on offer were sold at a combined North and South island sale on Thursday.

Prices for nearly all types of wool rose again after buyers scrambled for supplies after holding back at recent sales.

New Zealand Wool Services International says a continued shortage of wool coming through to auction has been the biggest factor pushing up prices again.

Marketing manager Malcolm Ching said the drop in prices, some cases by $1 per kg at recent sales, has got overseas customers buying again.