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Prices continued to strengthen across all categories at the South Island wool sale in Christchurch yesterday.
A combination of cancelled sales, less volume,and good demand created good competition in the auction room, Roger Fuller, of Elders Primary Wool, said.
Lambs wool was strongly sought after, while Chinese types, finer than 35 micron, showed strong competition among exporters.
Good and poorer style fleece wools were 2% to 5% dearer, crossbred hogget and crossbred finer ewe fleece (34 micron and finer) lifted 3% to 4% on a limited volume, Dave Burridge, of PGG Wrightson Wool, said.
Lambs wool was up 2% to 4%, crossbred second-shear fleece lifted 2% to 3% and oddments were up 2% to 5% dearer.
The main interest came from China, Australasia and India, supported by the Middle East, Western Europe and the United Kingdom.
Westpac's latest agri update said coarse wool prices had stabilised over the past few weeks, after trending lower in the early part of the year.
Tight supplies globally, combined with the gradually improving outlook for growth in developed countries, such as the EU and United States, should see a period of relative stability in prices.