Rising Loonie Offsetting Gains In Fur Prices

Rising Loonie Offsetting Gains In Fur Prices

Friday, March 19, 2010 at 14:59

An official with North American Fur Auctions says he thinks the fur industry is starting to rebound from the global economic meltdown.

Dave Bewick says this week’s wild fur sale in Toronto was marked by heavy interest from China.

He notes prices are generally up across the board from last year, with many pelts experiencing gains of 20 to 25 per cent.

Prices were double for muskrat pelts.

However, Bewick says the declining American dollar means harvesters may not see as much return on their pelts as they would like.

He says the exchange rate his group used to pay out trappers last year was much better than the rate at which it is paying now — meaning the increase in fur prices will likely be eaten up by the less-than-favourable exchange rate.

The next auction for the company is in May.