Friday, March 29, 2024

Roundup: Lambs’ wool hits record price highs

Avatar photo
New Zealand lamb wool prices jumped to a fresh record high heading into the new season amid strong demand from China. Lamb wool climbed to $7.50 a kilogram at the last South Island auction, beating the previous record price of $7.45/kg set in June, and marking the highest price AgriHQ has recorded since it began collecting wool prices in July 2005.
Reading Time: < 1 minute

NZ's lamb wool season is just starting to pick up, with most of the trading usually occurring between December and February.

Prices for most wool types rose at the auction, underpinned by steady demand and a lower NZ dollar, AgriHQ said.

Some 92% of the 5716 bales on offer were sold at auction.

"Lamb prices are expected to perform well this season so we'd expect prices to hold around these higher levels or even to set new record highs," AgriHQ analyst Emma Dent said.

"There was strong demand out of China for lamb wool last season and it looks like that's continuing into this season."

Wool exports increased 12% to $836 million in the year ended September 30, making it the nation's 13th largest commodity export.

China is the largest export destination for NZ wool, accounting for just over half of total wool exports in the year through September, according to Statistics NZ data.

Total
0
Shares
People are also reading