The London Fish Exchange

LFEX European Aquaculture Snapshot to 16th August, 2024

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The LFEX Norwegian Exporters Index for Week 33 2024 ended the week down -1.71 NOK / 2.30% to stand at 72.51 NOK (in EUR terms 6.17 / + 0.10 / +1.56%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended down, at 11.76 to the Euro over the period Thursday to Thursday -0.09 NOK or -0.76%. The Fish Pool future August was reported down – 0.75, -1.01% at 73.75 NOK.

Last Week

Last week we experienced a gentle slide in the index to Wednesday pricing. With the holidays in Europe on Thursday pricing remained flat at the end of the week. Pricing opened up +0.58%, +0.43 NOK at 74.65 as compared to the prior weeks close, before petering gently at 73.72 on Monday and 73.05 on Tuesday. However, this didn’t really tell the story of the week at prices between weight classes gapped considerably. 5/6’s increased in value Friday and Monday peaking at 77 NOK offered, while both 3/4s and 4/5s both dropped off, with the smaller fish offered down at 70 NOK levels and the midsized down to 72 NOK levels.

The FX volatility abated as global markets settled from the ‘scare’ in US economic data, and the NOK found a little more strength during the period.

Spread widened during the week to 7 NOK while closing out a little tighter at showing around 4.0 NOK 3/4s – 5/6s.

Next Week

Early opening indications from sellers for week 34 is coming in at the closing ranges of last week. This means we see an indicative starting level for the index at 73.0 NOK levels. We know more fish is coming through, biology is good and the volume is in the smaller sizes. 2-4s pricing similar to last weeks close, 5-6s opening up slightly higher. European summer appetite remains subdued and expectations for price weakness continue.

Volumes

Volume figures for week 32 (2024) were 20,669 tons versus a higher 21,060 in 2023. Volumes for weeks 33 and 34 (2023) were 22,698 and 24,089 respectively for comparison.

Historical Price Guidance for Next Week

A year ago, Week 34 2023 was down -1.14%, -0.82 NOK to stand at 71.00 NOK FCA while the Euro stood at 11.55 and Fishpool August showed 73.0.

David Nye’s technical analysis report will be published on Monday.

Did You Know?

The LFEX RFQ allows users to make offers and requests for forward orders not just the current week?

If a customer has a specific need for inventory at a specific day / week in the near future this request can be put up, and likewise if a seller wants to secure some early sales they can put up offers for that date/week. The system also offers contracts trading for multi-leg orders.

FAQ’s

Q. Can my competitors see my price?

A. The simple answer is no. Whether you are a buyer or seller putting up prices you are in complete control of to whom and where you send your prices. The system is configured to the counterparties you are prepared to see prices / offers from and within this you can configure who sees what price, all manageable in real-time. Each price between a seller and buyer is secure and private, and no one else has access to this.