Mink market regains confidence

SANDY PARKER REPORT, VOL. 31, ISSUE 7, APR. 2, 2007
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
Mink market regains confidence
THE  CONFIDENCE OF THE INTERNATIONAL TRADE IN THE  PRICE STRUCTURE OF MINK, which was jarred by the sharp declines two months ago, apparently has been restored and it’s again business as usual. Last week’s auction at Finnish Fur Sales, its first since the December sale that preceded the market drop, drew a full complement of buyers from all the major markets. Although the prices were sharply below what buyers paid in December, they were basically in line with the new levels established at the North American Fur Auctions and American Legend sales – and upon which wholesale prices for next season’s garments at the recent international fairs have been based.
Last week’s sale saw virtually none of the uncertainty that plagued Kopenhagen Fur’s leadoff auction in February, where less than half the skins were sold after the company drew the price line at 20% below December. But the North American auction companies, starting with NAFA, decided to bite the bullet and let the market find its own level, which it did at about 30% to 35% below a year ago. Retrospectively, veteran market observers now view the big drop as a correction of the three-year run-up of prices caused by enthusiastic buying for the exploding markets in China and Russia.
THE UNCERTAINTY THAT CURBED BUYING AT THE KOPENHAGEN AUCTION was also present at the Hong Kong fair, where exhibitors indicated their  prices may not be firm. Although they were quoting 20% to 25% below a year ago, they were waiting to see how the Finnish sale and the upcoming Danish auction would go. Last week’s results, having confirmed the levels established in North America, may not bring much change in wholesale prices, but the huge Kopenhagen offering coming up in two weeks might make a difference.
IN THIS ISSUE:
Mink Market Regains Confidence
Turnover High at Finnish Auction
Prices Stabilize at Lower Levels
China, Russia Resume Buying
Frankfurt Fair Termed Okay
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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