Kopenhagen Fur cancels the April auction
Russia's war against Ukraine and the most recent covid-19 cases in China has led to the cancellation of Kopenhagen Fur's planned auction in April. Kopenhagen Fur opened the 2022 sales season with a difficult February auction, and a recent auction in Finland showed the same picture. Kopenhagen Fur has estimated that the market conditions will not change much until April.
The February auction began the same day that Russia invaded Ukraine. Both Ukraine and Russia have been trading countries for Kopenhagen Fur directly and indirectly. Russia is extensively sanctioned by the EU with money transfers being stopped and a ban on the export of luxury goods to Russia, including fur. It challenges the fur trade here and now. How it otherwise affects the trade in the long run is very uncertain right now.
The Corona pandemic has already put the fur trade in a difficult situation. Covid-19 has once again flared up in China, which maintains a zero-tolerance policy towards Covid-19. Therefore, the country continues to be subject to massive travel restrictions and closures of entire cities. Millions of people are affected by the shutdowns, which therefore have a major impact on economic activity, including at the retail level. The uncertainty is deterring Chinese fur traders from trading at present.
Kopenhagen Fur hopes to hold a physical auction in June, alternatively a digital one.