(VAN) Pepper prices on 08/25/2024, remain at the level of VND 142,000 – 145,000/kg. This week, domestic pepper prices surged significantly by VND 6,000.
Latest domestic and global pepper prices update on 08/25/2024
Pepper prices on August 25 globally
The pepper market on August 25 showed no new fluctuations.
Specifically, the price of black pepper from Lampung, Indonesia, remains at $ 7,490/ton. The price of white pepper from Muntok, Indonesia, is steady at $ 8,818/ton.
The price of black pepper Kuching ASTA from Malaysia is stable at $ 8,500/ton, while the white pepper ASTA from Malaysia is priced at
$ 10,400/ton.
In the Brazilian market, the black pepper ASTA 570 continues to trade at $ 6,300/ton.
In Vietnam, the export price of black pepper 500 g/l has dropped to $ 5,800/ton, while the 550 g/l variety is at $ 6,200/ton. The export price of white pepper remains at $ 8,500/ton.
Global pepper prices today remained unchanged. Summarizing this week, the global pepper market exhibited mixed movements, with only India and China recording declines.
Thus, on 08/25/2024, global pepper prices remained stable compared to the previous day.
Pepper prices on August 25 domestically
Domestically, the pepper market on August 25 remained unchanged compared to the previous day.
Specifically, Dak Lak is still purchasing pepper at VND 145,000/kg.
The price of pepper in Dak Nong today stands at VND 145,000/kg.
Pepper in Gia Lai is trading at VND 144,000/kg.
Traders in Dong Nai continue to purchase pepper at VND 144,000/kg.
The price of pepper in Ba Ria – Vung Tau remains at VND 144,000/kg.
Binh Phuoc is trading pepper at VND 144,000/kg.
Domestic pepper prices today remain stable, with the highest level reaching VND 145,000/kg. Summarizing this week, the domestic pepper market has seen a strong reversal, increasing by up to VND 6,000.
Mrs. Hoang Thi Lien, President of the Vietnam Pepper Association (VPSA), stated that the Ministry of Industry and Trade is currently seeking feedback from businesses regarding the establishment of a Commodity Exchange, where pepper will also be one of the traded commodities.
This is not a new idea; the proposal to establish a pepper trading exchange was also put forward by the Vietnam Pepper Association (the predecessor of VPSA) eight years ago, in May 2016.
The association believes that Vietnam’s pepper has accounted for over 50% of the global commercial supply for many years, and the establishment of a trading exchange will help the industry strengthen its market development and influence global pepper trade.
The VPA added that pepper is a commodity that can be stored in warehouses for 2-3 years, allowing farmers to hold onto their stock until prices are favourable, a practice not seen with other agricultural products.
However, this mentality has led to market instability. This is also one of the main reasons why the VPA has developed the idea of establishing a pepper trading exchange.
Thus, on 08/25/2024, domestic pepper prices are trading around VND 142,000 – 145,000/kg.
$ 1 = VND 24.780 – Source: Vietcombank.
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