The London Fish Exchange

LFEX European Aquaculture Snapshot to 28th November, 2025

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The LFEX Norwegian Exporters Index for Week 48 2025 ended the week UP + 1.66 NOK / +2.03% to stand at 83.39 NOK (in EUR terms 7.07/ +0.10 / +1.43%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended UP at 11.80 (+0.07 / +0.60%) to the Euro over the period Thursday to Thursday. The Fish Pool Euronext future December was reported FLAT at 6.95 EUR (+0.0 / +0.0%) Thursday to Thursday, approximately 82.01 NOK. January FLAT showing 7.65.

The Last Week

A re-bound week. Pricing was difficult at the week open Friday as unsold fish from the prior week complicated pricing. The downward momentum from week 47 pushed prices lower on Friday to open at 80.44 NOK, down 1.29 or 1.58 % lower. Monday steadied the ship, as prices found support and firmed to 80.9 and built gently to 81.24 by midweek. Prices accelerated 1.5NOK on Wednesday and continued climbing to close the week out at 83.39. Top to bottom approximately a 3 NOK rise over the week and equivalent closing rate of 7.07 Euros

FX rate saw overall gains as the EURNOK rate picked up from the 11.73 close prior week to close out at 11.80, peaking at 11.86 on Wednesday which seems to have been a resistance level for the pair.

Spreads on the index sat at 1.8 NOK on Friday as 4/5s and 5/6s remained close in pricing. Spread between the 3 weight classes became more balance by the end of the week, with 2.2 NOK between the smallest and largest fish in the index.

Next Week

Early indications around the offered indicative level of 88.50 NOK for the index which would put it around 8 NOK higher than this time last week and 5 ahead of last week’s close. Prices are being pushed for Christmas sales.

Spreads between 3/4s to 5/6s are around the 2.0 NOK level evenly split this afternoon.

The EUR NOK FX rate is this afternoon around the 11.75 level off 0.05 since yesterday. This would give an indicative Euro index price around 7.53 EURO on offered levels later Friday – an increase of 0.73 Euro versus this time last week.

Volumes – Fresh Export

Volume figure for week 47 (2025) was 24,038 tons UP 705 tons as compared to 23,333 in 2024 some 3.02 % HIGHER. Volumes for week 48 and week 49 (2024) were 25,376 and 25,742 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 49 2024 ended the week down -0.93 NOK / -1.08% to stand at 85.20 NOK (in EUR terms 7.31 / -0.08 / -1.09%) FCA Oslo. The NOK rate ended at 11.66. The Fish Pool future December was reported down Thursday to Thursday -0.50 NOK / -0.58% at 86.0 NOK.

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

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