Wool prices

Store stock prices appear to have settled at levels much higher than last year, but agents say prices are not out of control.

Wool buyers say they are looking for price consolidation to retain their confidence.

Wool prices appear to have lost some of their earlier momentum, with falls matching rises at last week's combined sale of North Island and South Island wool.

The growing influence of China as a buyer of New Zealand wool was illustrated last week when prices eased, due in part to China's absence as it marked New Year.

Wool prices reached levels last seen in the late 1980s at last Thursday's combined North Island and South Island sale.

The rebuilding of storm-decimated ewe flocks could be hampered by competing record mutton prices which are returning $100-plus a ewe to farmers - similar prices to prime lambs.

The first wool sale of the New Year started on a strong note last week, with prices for most lines increasing.

Wool prices firmed at last week's wool sale in Christchurch, with more than 95% of the offering selling.

Wool prices benefited at last week's auction from a softening exchange rate and falling supply.

Strengthening of the New Zealand dollar took the steam out of the rising wool market at last week's combined sale of North Island and South Island wool.

Strong and fine wool markets retained their strength at sales last week as buyers continue to chase dwindling supplies.

Concerns about a looming shortage of wool resulted in auction prices rising last week despite an appreciating currency.

Crossbred wool prices continue to firm, reaching values last seen in 1996.

A shortage of wool helped push most prices higher at last week's combined North and South Island sale.

Last week was a good one for the wool industry, with prices firming for both crossbred and fine wool on both sides of the Tasman.

Agri-business leader Colin Harvey has been appointed by the Government to head the Wool Group, a body charged with turning around the ailing strong wool industry.

Farmers received some good news last week with prices from crossbred and fine wool all lifting on recent sales.

Wool prices defied a strengthening exchange rate and generally firmed at last week's sale.

Currency fluctuations caused mixed results in last week's sale of North Island and South Island wool.