The London Fish Exchange

LFEX European Aquaculture Snapshot to 14th March, 2024

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The LFEX Norwegian Exporters Index for Week 11 2024 ended the week down -5.11%, -5.78 NOK to stand at 107.31 NOK (in EUR terms 9.36 / -0.56 / -5.61%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended up at 11.46 to the Euro over the period Thursday to Thursday up +0.06 NOK or +0.53%. The Fish Pool future March was reported down -2.50 NOK, -2.21% at 110.5 NOK.

The index opened up small at 113.69 compared to the prior weeks close (113.09), after a fall of 7 NOK the week prior. Pricing was then steadily chipped away at all week, 112.57 on Monday, 110.73 Tuesday and finding a level Wednesday at 107.96. The market held at 107.31 on Thursday – so no end of week capitulation that we have seen recently. Over the last 2 weeks we have seen an overall drop top to bottom of 12 NOK. Further NOK weakness made fish a further 0.5% cheaper for Euro buyers.

A noticeable event has been the reduction in spread between smaller and larger fish, down from 12 NOK to a more normal spread of 5 NOK (104 – 109) as larger fish become more available. Sales were completed earlier on in the week.

Next week the expectation is that prices will be stable but slightly ahead of last weeks close. Pricing to start a little higher and maybe a chance for increases as the week progresses. Indications for the index around 109.5 / 110 to open. A few factors to consider – nearing Easter and thoughts of an increasing demand, but also harvesting levels should also increase. The scourge of production fish is still with us, and this continues to put pressure on supplies of superior.

By comparison for next week – trading in week 12 2023 closed down 9.91 NOK at 115.8. More harvesting leading up to Easter and Buyer pressure bringing the prices down.

David Nye’s technical analysis report will be published later next week.

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