| Rural News |
Increased demand for New Zealand wool overseas has seen a surge in sales, with 7587 out of 10,334 bales reaching market reserves or higher at Thursday’s sale.
Increased demand and grower resistance against declining prices against the Kiwi dollar were major factors in the surge.
Coarse crossbred fleece and early shorn types of more than three inches saw price increases of five per cent on their May 31 prices. Those between two to four inches rose four per cent, and first lambs rose one per cent.
Crossbred oddments were two per cent higher on previous sale prices.
China, India, Western Europe, and Australia saw the biggest demand for Kiwi wool.
The sale of 12,500 bales of North Island wool takes place on 14 June.