Wool prices surge amid big demand

BRITISH Wool has reported the sharpest price increase in a decade at its most recent sale.

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The farmer-owned cooperative says all of its main buyers were active with British, European and Chinese-focused customers competing to secure wool supplies.

All core types traded significantly higher, it added, with the main grades of carpet wool trading close to 20% higher towards the end of the catalogue.

Prices in the sale, held on October 7, increased by 14.2% over the mid-September sale. Over the month the prices achieved in the British Wool auctions have increased by 22.5%. The trend mirrors the price rises that have been seen in New Zealand with global demand for quality cross bred wools outstripping supplies.