LFEX European Aquaculture Snapshot to 29th September, 2022

John Ersser - The London Fish Exchange

Published: 30th September 2022

This Article was Written by: John Ersser

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The LFEX Norwegian Exporters Index week 39 was up +10.35%, +6.25 NOK to stand at 66.64 NOK FCA Oslo Week ending Thursday vs previous Thursday.

The NOK was up ending at 10.47 to the Euro over the period Thursday to Thursday +0.27 NOK or +2.65 %. The Fish Pool future September was up +0.25 NOK at 62.25 NOK.

Pricing kicked off around the 62 NOK level as predicted at 62.36, a move up of nearly 2 NOK from the previous close which was the result of a weak dip at the end of that week as volumes hit (peaked?) at 27,880 tons. However, sentiment pushed the market stronger on Monday to 63.62 where it settled for Tuesday at 63.34 NOK. Wednesday may prove to be a landmark day in the industry as the Norwegian government announced the proposed new 40% ‘rent’ tax on larger producers (+4k/5k tons) from 2023 and the market and particularly the producers started to digest this huge news. The tax take if the proposal is adopted adds up to a 62% tax on sea production of salmon and trout. The news had a significant impact on the big listed companies share prices with SalMar hit with a 30% drop on the day. Pricing also started to increase up at 65.53 on Wednesday and 66.64 on Thursday. For next week the psychology for the new tax and lesser volumes are expected to start to push up pricing and we can expect to see higher numbers on Friday. As usual we will see…

David Nye’s analysis for a Technical viewpoint will be published on Monday.

  Market Data (Click Each to Expand)

LFEX Prices
FX Rates
LFEX Indicative Exporter Prices (4 Week)
EUR / NOK FX Rate (4 Week)

Prices Ending 29th September, 2022

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