24 Feb 2012

Wool sale holds firm tone

5:21 am on 24 February 2012

This week's wool sale continued last week's firmer tone, helped by less pressure on prices from a slightly weaker New Zealand dollar.

The combined North and South Island sale was the largest for the season so far, with more than 25,000 bales offered for auction. More than 80% of the wool was sold.

New Zealand Wool Services International says demand from China pushed up fine crossbred fleece and shears prices by 1% to 4%.

Coarse Crossbred Fleece prices were up to 5% stronger, and first lambs wool also fetched up to 3% more.

But a small offering of merino fleece was 3 - 5% softer, losing most of last week's gain, in line with other markets.