9 Oct 2009

Wool prices higher at NI auction

10:20 am on 9 October 2009

Wool prices lifted at Thursday's North Island sale, despite the rising New Zealand dollar.

A stronger currency generally has a negative effect on prices at wool auctions because it increases the cost for buyers.

However New Zealand Wool Services International reports the limited supplies of wool on offer and steady demand outweighed the currency influence.

Fine cross-bred wools rose by 2% to 5% on the previous North Island sale, coarse fleece and shears also improved and oddments lifted by 5% to 7%.

The rise brings North Island prices into line with the gains made at last week's South Island sale.

Of the 10,700 bales up for auction, 84% were sold.