The London Fish ExchangeData / Market Insight / News
LFEX European Aquaculture Snapshot to 4th May, 2023
The LFEX Norwegian Exporters Index for Week 18 2023 was pretty flat overall down -0.09%, -0.1NOK to stand at 112.79 NOK FCA Oslo Week ending Thursday vs previous Thursday.
The NOK rate was up at 11.835 to the Euro over the period Thursday to Thursday +0.105 NOK or +0.90%. The Fish Pool future May was reported lower at 110.0 NOK down -2.00 NOK or -1.71%.
A slightly shorter week and the market for the first time in forever opened weaker on the Friday, down 1.83 NOK or -1.62% at 111.06. Although an apparently flat week, we again saw intra-week volatility with pricing spiking after the bank holiday to 116.63 on Tuesday before a gentle descent through Wednesday (113.9) to land flat at the 112.79 level. The EURNOK peaked at 11.88 this week on Wednesday closing off its highs. Are these turning points? DNB published research noting a global lack of supply side growth in ’23, ’24 and ’25 with stronger average annual price expectations of 90, 87 and 87 NOK respectively. Next week is a full production week which could indicate a small drop in prices, but no forecasts of a dramatic drop with the 17th-18th public holiday looming. Good availability of 2-4’s next week but 5-6’s will retain their significant premium with demand from Asia and also European sushi for the bigger fish. We shall see.
David Nye’s technical analysis report will be published on Tuesday.
Market Data (Click Each to Expand)
Did You Know?
The salmon market trades fundamentally like every other commodity market? We have seen and continue to see significant volatility in many agricultural commodities.
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