Mink prices decline further at NAFA

SANDY PARKER REPORT, VOL. 31, ISSUE 1, FEB. 19, 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 prices decline further at NAFA
PRICES OF AMERICAN MINK LAST WEEK FOLLOWED THE DOWNTREND SET IN COPENHAGEN, where turnover suffered, but dropped even further as North American Fur Auctions decided to let the market establish a level at which it would buy. Although the temperatures around the world have become more seasonable and the pace of retail fur sales has improved, stocks of garments at the retail and wholesale levels – as well as uncut skins – were undermining the demand for fresh goods, particularly those used in all-fur garments.
The first mink sale of the season at North American Fur Auctions drew a smaller attendance than at last year’s opener, a direct reflection of the sharp reduction in demand. This situation had largely been anticipated by the auction houses based on their own surveys of the key markets around the world in the preceding months. Their findings indicated that, unlike the ease with which they sold 100% of last year’s offerings at strong prices, they could expect major resistance even at reduced levels. Kopenhagen Fur apparently drew the price line at around 20% under December levels, below which it would not sell. The final tally showed that only 47% of the regular qualities were sold at an overall male/female average of $47.30. The same sale a year ago yielded an average of $55.01, a difference of about 15%.
CONSIDERING THAT MINK PRICES HAVE INCREASED SHARPLY AND STEADILY OVER THE PREVIOUS THREE YEARS, the current decline is mostly being regarded as a correction. The prices now being paid still represent solid profit for ranchers, most of whom reportedly are anxious to move their goods and collect their money. However, at these levels, not many will be encouraged to increase their production this year. In fact, the downturn might even hasten bail-out plans for those who are at or close to retirement age.
IN THIS ISSUE:
Mink Prices Decline Further…
…but NAFA Moves to Boost Buying
Lowered Limits Spur Activity
Garment Prices Seen Coming Down
Wild Fur Prices Move Up
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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