The London Fish Exchange

LFEX European Aquaculture Snapshot to 5th July, 2024

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The LFEX Norwegian Exporters Index for Week 27 2024 ended the week down -2.27%, -1.70 NOK to stand at 73.24 NOK (in EUR terms 6.42 / – 0.15 / -2.35%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended just up, at 11.40 to the Euro over the period Thursday to Thursday +0.01 NOK or +0.09%. The Fish Pool future July was reported down – 3.35, -4.01% at 80.15 NOK.

Pricing opened up as sellers pushed prices after the prior week’s declines with the index opening stronger on Friday +1.75 NOK / +2.34% at 76.69. However, the general feeling was that these prices would not be sustained, and the market settled on Monday at 74.05 offered, more in-line with buyers expectations. And there it pretty much stayed, inching up slightly on Tuesday to 74.83 and flat Wednesday. As is often the story, prices softened by the end of the week to 73.24 and an overall fall.
Spread around 6 NOK with smaller fish dropping off slightly more, which might concur with last week’s commentary on smaller sizes in the overall biomass make-up.

Pricing for next week looks relatively stable. Bigger trades for volume have gone through at lower levels and the market as offered is looking around 73 / 73.5. The fresh supply remains good, a lot of (cheaper) production fish available and demand/appetite from the buyers is not strong even at these lower prices. So expect the week to open relatively flat, maybe pushed a small and then off a little at the end of the week.

Volumes

Volume figures for week 26 (2024) were 17,377 tons versus a very similar 17,238 in 2023. Week 27 in 23 was 19,220 and finally week 28 (coming week) was 17,844 in 2023 to give some comparison guidance.

Historical Price Guidance

A year ago, Week 28 2023 prices ended down -4.46 NOK on the week at 94.78 NOK a fall of 4.49%. The EURNOK rate was lower at 11.26 a 3.26% drop. There had been a lack of larger fish pushing up the index average and a 25 NOK spread had developed.

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

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