Cashmere wool trading slumps as much as 98.3% yoy www.zgm.mn
In the first three months of the year, the Mongolian Agricultural Commodity Exchange (MCE) traded 860 kg of cashmere wool at an average price of MNT 91,000. In other words, the total trading volume decreased by 98.3 percent compared to the same period of the previous year. In March 2019, the MCE traded cashmere worth approximately MNT 4.6 billion, with an average weighted price of MNT 134,000. According to the Mongolian Wool and Cashmere Association (MWCA), the spread of COVID-19 has led to a delay in demand this year and the price of cashmere has dropped to MNT 60,000. MCE also informed that there are difficulties in preparing cashmere. However, the MCE emphasized that non-cashmere trade is normal as there are no changes in the transportation of commodities. Since March, the Agricultural Exchange has traded a total commodities worth MNT 6.4 billion. This is a decrease of MNT 4.3 billion or 40 percent compared to the same period of the previous year.