The London Fish Exchange

LFEX European Aquaculture Snapshot to 15th November, 2024

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The LFEX Norwegian Exporters Index for Week 46 2024 ended the week up +6.45 NOK / +8.60% to stand at 81.44 NOK (in EUR terms 6.93 / + 0.54 / +8.51%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended flat/up at 11.76 to the Euro over the period Thursday to Thursday +0.01 NOK or +0.09%. The Fish Pool future November was reported up Thursday to Thursday 1.00 NOK / +1.32% at 77.0 NOK.

The Last Week

Last week prices again opened stronger off of the increases in week 45 with the index showing a positive +2.14 NOK / +2.85% increase over the prior Thursday close for delivery week 46 at 77.13. This was the low of the week, and although prices coalesced around this levels Monday (78 dead) and Tuesday 77.81, we saw a pickup in prices late week on Wednesday at 79.25 and topping out on a high of 81.44, primarily as poor weather cancelled some harvesting and pushed up prices.

All sizes (3-6) saw a consistent pickup in value and the index levels were not driven by any particular size. The chart therefore shows a consistent up slope for the week. Spreads between sizes compressed a little to 11 NOK.

The EURNOK FX pair traded pretty flat for the week, range bound between 11.786 and 11.738 finishing at 11.76, and overall didn’t make any real impact on the Euro price.

Next Week

Early pricing indications from sellers for week 47 are coming in at around 86 NOK for the index, which represents a further increase of 4 – 5 NOK over Thursdays close. The main issue has been poor weather reducing harvest and therefore supply that has bumped up pricing.

EUR NOK FX rate has softened a little this afternoon around 11.70, off 0.06 NOK which would give an indicative Euro price around 7.35 levels later Friday.

Volumes – Fresh Export

Volume figures for week 45 (2024) was 23,871 tons as compared to 23,852 in 2023. Volumes for weeks 46 and 47 (2023) were 24,833 and 22,141 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 47 2023 ended the week up +5.68%, +4.32 NOK to stand at 80.44 NOK (approximately 6.88 in EUR) FCA Oslo. The NOK rate ended 11.69. The Fish Pool future November was reported at 77.75 NOK.

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

Did You Know?

The LFEX system provides secure and private electronic chat services between you and your counterparties and provides a record of truth of your discussions and negotiations that can be accessed later.

It is also used internally within businesses to communicate. In the US regulated financial firms have been fined over USD$1 billion for the use of non-approved / unsecure public communications facilities, illustrating the concerns around third party messaging apps.

FAQ’s

Q. I would like to be part of the price conversation, can I do this as a buyer?

A. The service is unique in its capabilities of allowing both sides of a trade / market to be driven and managed. What this means is buyers are not just prices takers but can make specific requests based on their own requirements, they can also include prices that they are prepared to buy at. Sellers can accept this price and trade with you, or counter with their own price(s). Buyers can amend their prices at any time or withdraw them at any time. They are in complete control of the prices they want to show and to whom and when they want to show them.

This is a great way of building an understanding of a market where there are both sellers prices and buyers prices visible.