(VAN) Pepper prices on 07/29//2024 remain around VND 149,000 – 150,000/kg. This week, domestic pepper prices have increased significantly by up to VND 5,000.
Update on domestic and international pepper prices on 07/29/2024
Pepper prices on July 29 globally
In the world market, the pepper market on July 29 remains stable.
Accordingly, the price of black pepper Lampung in Indonesia is anchored at $ 7,150/ton. The price of white pepper Muntok in this country remains at $ 9,103/ton.
The price of black pepper Kuching ASTA in Malaysia remains at $ 7,500/ton; while the price of white pepper ASTA in this country is $ 8,800/ton.
In the Brazilian market, the price of black pepper ASTA 570 is trading at $ 6,950/ton.
In Vietnam, the price of black pepper for export type 500 g/l is trading at $ 6,000/ton; while type 550 g/l is at $ 6,600/ton. The price of white pepper for export remains at $ 8,800/ton.
In the world market, pepper prices today show no new fluctuations. Over the past week, the pepper market experienced mixed movements. The price of Indian pepper continued to decline, Indonesian pepper remained stable, while domestic pepper prices in Malaysia continued to rise.
The decrease in pepper production in Brazil and Vietnam has led to a continuous rise in international pepper prices in the early months of this year. Particularly, the market witnessed unprecedented volatility in the second quarter of this year.
Accordingly, the export price of black pepper in Indonesia and Brazil increased by 93.1% and 2.3 times, respectively, in a short period from the beginning of the second quarter to mid-June. Vietnam also recorded an increase of 70 – 83% during this period. In the following weeks, the market adjusted downward and stabilized, but it remained at the highest levels in about eight years.
Thus, the world pepper prices on 07/29/2024, continue to be stable compared to yesterday.
Pepper prices on July 29 domestically
In the domestic market, pepper prices on July 29 show no new fluctuations compared to yesterday.
Specifically, Dak Lak is still purchasing pepper at VND 150,000/kg;
The price of pepper in Dak Nong remains at VND 150,000/kg;
The price of pepper in Gia Lai continues to trade at VND 149,000/kg;
Traders in Dong Nai are still purchasing pepper at VND 150,000/kg;
The price of pepper in Ba Ria – Vung Tau remains at VND 150,000/kg;
In Binh Phuoc, pepper is being traded at VND 149,000/kg.
Domestic pepper prices today remain stable with the highest level reaching VND 150,000/kg. Over the past week, this agricultural product has seen a significant increase of VND 4,000 – 5,000.
On June 11, domestic pepper prices surged to a record level from VND 92,000 – 94,000/kg in early April to a peak of VND 180,000/kg, an increase of 90% in just over two months, marking the highest level in eight years. Subsequently, this agricultural product’s price adjusted back down to the range of VND 153,000 – 157,000/kg by the end of June.
Thus, domestic pepper prices by the end of the second quarter of 2024 have increased by approximately 93% compared to the beginning of the year and have more than doubled compared to the same period last year.
Some experts predict that signs of supply shortages compared to demand will continue to be recognized and reflected in the market until the next harvest season.
As of the end of June, Vietnam has exported over 140,000 tons, accounting for about 83% of the total expected production of around 170,000 tons this year. This leaves 7-8 months until the new harvest season while the remaining stock among farmers, dealers, and enterprises is not much.
According to Mr Le Duc Huy, General Director of Simexco Daklak, the recent price surge of pepper is due to demand exceeding supply. In the long term, the demand for spices will continue to grow while Vietnamese pepper plants have aged, and current prices are still insufficient to encourage farmers to plant more.
However, it is still challenging to determine the price level at which farmers might return to pepper cultivation, as it also depends on the prices of competing crops like durian, passion fruit, and coffee.
Thus, domestic pepper prices on 07/29/2024, are trading around VND 149,000 – 150,000/kg.
$ 1 = VND 25.094 – Source: Vietcomank.
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