Kopenhagen Fur opts to meet market

SANDY PARKER REPORT, VOL. 32, ISSUE 46, FEBRUARY 9, 2009
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
Kopenhagen Fur opts to meet market
KOPENHAGEN FUR OPTED TO SELL FREELY AS THE MAIN AUCTION SEASON GOT UNDER WAY LAST WEEK, allowing the international market to determine the levels at which it believes mink can be sold. In meeting the market, the company apparently has avoided any uncertainty that might have arisen had it tried to protect prices by drawing the line below which it would not sell, as was the case two years ago and more recently at its small December sale. Despite concern as to how the global financial crisis may affect fur sales in the coming year, the 380 buyers who attended last week’s auction evidently were considered enough to establish a credible market.
The auction resulted in a virtually complete turnover of the 3.5 million mink offered, which is a normal-sized collection for this time of the year. Unlike the December sale, when buying is based on immediate needs to fill orders for the current retail season, the big February round is when dealers and manufacturers anticipate at least part of their requirements for the season ahead. Whether it will be a good season or not may be unpredictable; more important is that they have the skins they need to keep their factories running and their workers busy. That Kopenhagen was able to move all of its goods not only indicated buyer confidence, but also augured well for the upcoming sales elsewhere.
TO BE SURE, MINK PRICES WERE DOWN SUBSTANTIALLY at last week’s sale, but that was expected under the circumstances. Not only are the world’s financial markets still in turmoil, but consumers almost everywhere appear to be tightening their belts in general – and especially in the case of luxuries. Moreover, the two biggest markets for furs, Russia and China, have placed stiff controls on the outflow of hard currency, thus severely limiting what those buyers can spend.
IN THIS ISSUE:
Kopenhagen Opts to Meet Market
Mink Prices Drop as Expected …
… but Offering Is Completely Sold
Trade Confidence Seen Restored
Jindo Is Sold in $10 Million Deal
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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