Wool prices have increased by over 40 per cent this year

This continues the steady price recovery that they have seen over the last couple of months.

There was good competition from a range of buyers resulting in a 99 per cent clearance on the wool offered.

The average price for wool in yesterday’s sale reached 77.5p per kilo.

Andrew Hogley, CEO, Ulster Wool, commented: “We are optimistic the price recovery we have seen in recent months will continue during the course of the next year.

“With a healthier stock position, a reduced cost base and recovering auction prices this puts Ulster Wool in a much stronger position to deliver better value to those producers who market their wool through the scheme in 2021.”