The vigorous demand for wool, coupled with limited supply, which has sent prices to 113p a kilo in recent weeks, has led to the cancellation of 2 of the last 6 sales of the selling year at the British Wool Marketing Board's Headquarters at Bradford.
Frank Langrish, Sussex sheep farmer and Chairman of the British Wool Marketing Board, firmly believes higher prices are sustainable and says the current demand confirms the success of the UK's wool marketing system.
"The Indicator price for wool was around 73p a kilo in October but tightening supplies have sent prices soaring. It's good news for producers who will see a noticeable improvement in their balance payment, even allowing for the fact that 65% of wool was sold before the price increase" said Frank Langrish.
He is confident that higher prices would be maintained when wool auctions for the next season's clip start in early summer.
"I believe this is the start of a trend that will see wool recognised for its qualities as a sustainable fibre at a time when the manufacturing processes of synthetic materials are increasingly at the mercy of volatile oil prices," added Mr Langrish.
The British Wool Marketing Board