20 Nov 2009

Wool prices rise despite strong currency

5:37 pm on 20 November 2009

Prices at Thursday's wool sales rose across the board, despite a stronger New Zealand currency.

New Zealand Wool Services International says in the past fortnight the New Zealand dollar rose by just over 2% against a weighted currency indicator, which would normally push prices down.

But it says this factor was over-ridden by strong demand, resulting in some substantial price lifts.

Of the 22,000 bales on offer at the combined North and South Island auctions, 93% sold.

Prices for merino fleece rose by up to 7%, compared with the last time it was offered about a month ago, while finer mid micron fleece remained firm with the coarser end 1% to 2% up.