Prices for skipjack tuna in auction in Bangkok, Thailand are continuing to fall, having been at just under $2,400 per-metric-ton in April, an all-time high.
Prices were at around $1,450-$1,500t at the start of 2011, before a pattern of increases to the level hit in April this year. Since, prices have fallen faster in Asia and Europe than they rose, as can be seen from theUndercurrent News prices portal.
Quotes from sources range from $1,520-$1,530, with Thai Union Frozen Products stating prices are at $1,500t, the “lowest level in three years”, according to Thiraphong Chansiri, president of the group, speaking to The Nation.
There are rumors of even lower prices for January deliveries, however.
One source told Undercurrent there is talk of a deal done at $1,450t, which is much lower than the expected levels for January, which are just over $1,500t.
One trader said the explanation of the fall is simple. “Catching is fairly good and buyers are waiting to see if the price falls — which is self fulfilling,” he told Undercurrent.