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FUR PRICES NOW ALSO HIT BY THE FINANCIAL CRISIS |
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Saturday, 27 December 2008 |
From Kopenhagenfur.com
The financial crisis left its pronounced mark on the first selling day at Kopenhagen Fur’s December auction, where among others 1.2 million mink skins were offered to buyers from all over the world. At the first day of the auction only 11% of the skins were sold at prices that were approximately 22% below the high level at the latest auction in September.
- The global uncertainty as a consequence of the financial crisis is great. Everybody knows that the real economy will hit hard all over the world, and in several countries recession is a reality. This does, of course, also affect the buyers in our trade, says managing director Torben Nielsen, Kopenhagen Fur.
Traditionally the December auction is the smallest auction of the year, but a good cold winter is still of great importance to the turnover in the shops.
- Buyers are often a little cautious buying too many skins in December, as they will like to have clearer signals from the retailers concerning the turnover of the garments that are already in the shops. Therefore, our next auction in February might be the real litmus test on the effect that the crisis has on mink prices, says Torben Nielsen.
The largest markets for fur are Russia and China. Russia and the Russian consumers are already widely affected by the financial crisis, whereas the effects in China are gradually setting in.
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