Lobster glut pushes prices down
Wednesday, June 19, 2013, 04:30 (GMT + 9)
A glut in the lobster market in Cape Breton has pushed prices down dramatically over the last few weeks, according to local fishers who have started their season late this year to protest the low prices.
Fishers waited until they were presented with the price of CAD 4.25 (USD 4.18) a lb. In some ports, lobsters are fetching just CAD 3.25 (USD 3.2) a lb -- the lowest they have been in 30 years.
Fishermen ensure that such a price does not allow them to cover their costs. They are consequently only trying to mitigate expenses by paying for as many as they can but not all of them, and hoping no major repairs will be needed.
Although lobster catches are the best fishers have seen in years, they say there is little demand and this is causing the glut that has brought prices down so low, CBC News.
Lobster collectors in Maine, US, have also been affected. Members in the sector... FULL STORY