AgriHQ says international lamb markets largely remain under pressure, which is causing some concern among New Zealand exporters.
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Analyst Nick Handley said continental Europe was the only area showing any signs of positivity at the moment.
"There appears to be decent demand for most cuts of lamb, and there is some optimism that this demand will hold over the next few months.
"With neither China nor the Middle East showing any interest in forequarters, exporters are diversifying into other markets where possible," he said.
"Demand for lower value cuts in China has been steady, and is expected to hold until the end of shipments for the Chinese New Year period.
"Negotiations for chilled lamb sales during the Easter holiday period are in the early stages.
"Initial reports suggest interest is good, though most buyers are waiting to see the results of pre-Christmas promotions before making any commitments."