The London Fish Exchange

LFEX European Aquaculture Snapshot to 13th December, 2024

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The LFEX Norwegian Exporters Index for Week 50 2024 ended the week up +5.48 NOK / +6.43% to stand at 90.68 NOK (in EUR terms 7.78 / +0.47 / +6.43%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended up where it started the week at 11.66 to the Euro over the period Thursday to Thursday. The Fish Pool future December was reported up Thursday to Thursday +1.50 NOK / +1.74% at 87.50 NOK which equates to 7.50 Euro with January also showing 7.50 Euro.

The Last Week

Last week the index price moved upwards strongly after the drop off the prior Thursday 5th December. Index prices opened at 88.58, up 3.38 NOK or 4 %, in-line with week 48 average levels before week 49’s drop. From an index perspective levels were flat going into Monday at 88.2, Tuesday’s levels found a further 1 NOK as did Wednesday for 89.32 and 90.89 and Thursday flat at 90.68. Probably both sides got their prediction which was stable pricing with a (small) Christmas lift.

All sizes have been increasing from the 5th December lows pretty much in unison. The 4/5s might have seen a slight dip yesterday but otherwise the charts are pretty conclusive direction wise. The spreads between sizes ended around a not insubstantial 15.5 NOK and very different from the 5 NOK this time last year (where the index was 85.19) The bigger 5/6s are dragging the index up at 99NOK as compared to 88NOK last year.

The EURNOK FX pair over all change was again nothing at 11.66, however it did peak at 11.745 on Friday making it slightly cheaper (0.75%) in Euros beginning of the week. The rate then eased back over the week bringing the comparable Euro index price in at 7.78 Eur.

Next Week

Early pricing indications from sellers for week 51 are coming around the 92.5 NOK level offered for the index, which represents a 2 NOK lift over last week’s Thursday close. This is the last full week of production going into Christmas. Buyers won’t want to be caught long and while prices are strong now that isn’t expected to last the whole week. Larger sizes might get a reprieve however.

EUR NOK FX rate has picked up at 11.69 which would give an indicative Euro index price around 7.91 levels later Friday.

Volumes – Fresh Export

Volume figures for week 49 (2024) was 25,742 tons up +3,499 tons as compared to 22,243 in 2023. Volumes for weeks 50 and 51 (2023) were 24,551 and 18,480 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 51 2023 ended the week down – 0.94%, -0.80 NOK to stand at 84.23 NOK (approximately 7.45 in Euro) FCA Oslo. The NOK rate crashed down at 11].30. The Fish Pool future December was reported up + 1.00 NOK, +1.19% at 85.0 NOK with January showing 104.3.

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

Did You Know?

You can place orders / make offers (or RFQ’s) on the system for any period you want.

So if you want to make an offer for a limited period, or offer a firm price you are prepared to buy at over a short period you can do that. In fact, you can define any time period you want from minutes to weeks, allowing you to match your orders with your business demands.

It also means you can for example put out offers for available frozen inventory, and update prices as often as you want against this without having to constantly resend offers – brilliant.

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