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Fears Over Shorter Supply Drives Tuna Prices Up Worldwide

Over the last month tuna prices in all major catching areas have started to rise due to fears that upcoming tuna fishing bans in major catching areas will squeeze the global supply for the canning industry.

Whole round skipjack 1.8kg up is now being offered at US$ 1.250 per M/T CFR Bangkok, for June deliveries; coming from the last week’s price of US$ 1.200, a 4% rise within the period of a week.

Canning grade yellowfin 10kg up prices for Thai processors are currently at US$ 1.550, showing some recovery after a month of lower prices levels.

In Ecuador, at the tuna port of Manta, skipjack 1.8kg is being landed at US$ 1.100 per M/T. The Sub-secretary of Fisheries Resources in Ecuador, Guillermo Moran, predicted that when the Ecuadorian tuna fleet’s 59 day-ban on tuna catches goes into effect next August, prices could rise up to US$ 1.500 per ton.

There are also reports that skipjack has been bought by Ecuadorian canneries from the Western Central Pacific for end of June delivery at a level close to US$ 1.300 CFR.

Also in Manta, yellowfin 10kg up is being landed at US$ 1.400 per M/T.

Although the current demand from the Spanish market is described as being soft, skipjack 1.8kg up is now traded at 900 Euros per ton, up from 800 Euros. CFR Vigo whole round yellowfin 10kg up is offered at 1.300 Euros per ton.

The general mood in the market is that in all major catching areas around the world prices will continue to show a consistent rising trend for at least the coming 4 months. Predictions tend to vary widely – but some traders project skipjack 1.8kg to be at around US$ 1.750 dollars and even higher by September this year.