Under Current News
By Matilde Mereghetti
A significant cut in the total allowable catch (TAC) for octopus in Morocco might support global prices for the species, industry sources told Undercurrent News.
The Moroccan fishing authorities launched the winter fishing season with a quota 48% lower than last year.
The quota for the ongoing season was set at 19,500 metric tons, which is the lowest level in the last ten years.
Fishing began on Jan. 5, a month later than in the previous winter season, also.
Some industry sources reckon that the delay and cut in quota are expected to support prices, which fell sharply in the second half of 2018 after reaching record high levels.
One source in Morocco pointed out that the Moroccan government might have set the TAC at such a low level to stop the prices’ bearish movement. He said that the regulator might increase the TAC once the current quota has been fully fished, at the end of March. But this is not guaranteed and will depend on the development of the fishing activity.
It is early to say whether octopus prices have already risen compared with December levels, as the fishing season has recently started, but it seems that size T6 is already up a bit, he also said.
Octopus prices fell between June and December last year, as the record level reached in the first half of the year months started denting demand. Due to the high prices, some buyers reduced or even halted orders, as restaurants switched to cheaper products or shrink portions.
Record high octopus prices in recent years have been a driver for consolidation of companies dealing with the species.
Contact the author matilde.mereghetti@undercurrentnews.com
