NEW ZEALAND: wool prices are surged due to diminishing supply

Wool Partners International auctioneer Dave Burridge said after the cancellation of the previous week's sale due to the Christchurch earthquake, buyers turned to last Thursday's auction to secure stock for immediate scouring and shipment. 

Buyers commented that prices needed to consolidateto provide confidence and ensure prices remained stable, he said. 

Compared with the February 17 sale, good style crossbred fleece, 31 to 39 microns, was 3% to 5% dearer, poorer styles up to 4% dearer and crossbred oddments 2% to 3% stronger. 

Second shear fleece rose 4%-5% and first lambs wool fell 5%. 

New Zealand Wool Services International general manager John Dawson said a nominal offering of mid micron fleece lifted in price 3% to 8%. 

Of the 20,000 bales on offer at the combined auction of North and South Island wool, 97.7% sold. 

Mr Dawson saiddiminishing supply coming under continued heavy demand was the main market driver. 


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Added: March 8, 2011 Source: pr web
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