Merino wool prices appear to have weathered a difficult market at last week's sale of New Zealand wool in Melbourne.
Prices for shorter hogget wool eased in line with currency appreciation, but skirtings and pieces were once again in demand, with prices unchanged compared with the last sale, despite an appreciating exchange rate.
New Zealand Merino commercial manager Keith Ovens said 30% of the 2300-bale offering was passed in for failing to reach the growers' reserve, but most of this was superfine and high value adult fleece.
One buyer, acting on behalf of a Chinese mill, bought 40% of the New Zealand offering, he said.
Despite the mixed market, the average sale price for all wool rose from $9.30 to $9.45 a kg.
He estimated that up to 90% of New Zealand wool to be sold by auction this season had been sold, with one large sale of 2000 bales remaining, to be held in early December.
New Zealand Wool Services International reports that prices at last week's sales rose across the board, despite a stronger New Zealand currency.
Strong demand at the combined auction of 22,000 bales of North and South Island wool in Napier and Christchurch resulted in 93% of the wool on offer being sold.
There was some sharp price improvement, led by coarse crossbred which rose 9% to 13% compared with the last sale in Christchurch on October 29.
Merino fleece rose 3% to 7%, finer mid-micron fleece remained firm with the coarser edge up 1% to 2%.
Buyers from Australasian carpet mills, China and the Middle East dominated, supported by India, Western Europe and the United Kingdom.