29 May 2015

Wool prices under pressure

6:50 am on 29 May 2015

Demand from China underpinned some wool prices at this week's North Island wool sale, but increased supplies put coarse wool prices under pressure.

Good demand and a weaker New Zealand dollar had pushed up prices at last week's South island sale, despite a lot more wool than was rostered being put up for auction.

The exporter, New Zealand Wool Services International, said continued shipping pressure for China kept finer crossbred wool prices firm at yesterday's sale, though coarse cross-bred wools were up to six percent cheaper.

There was a high clearance rate, though, and 94 percent of the almost 9,000 bales on offer were sold.

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