Pepper price forecast for July 12, 2024: Slight increase again?

Pepper prices are forecast to increase slightly again on July 12, 2024. After a series of price increases lasting 4 consecutive days, pepper prices today in key growing areas have been under slight adjustment pressure, decreasing by 1,000 VND/kg in some localities. Thereby, the average pepper price in the domestic market fluctuates around 153,000 VND/kg, equal to the level at the end of June.

Currently, pepper prices in different localities are almost the same, not much different, around 153,000 VND/kg. This is also a rare thing in many years when pepper prices in different provinces are listed at the same price.

Pepper price forecast on July 12, 2024: Slight increase again

Industry experts believe that pepper prices will continue to increase, although there may be some short-term adjustments, but they will not be too deep and the market has formed a new price level. However, the current pepper price is still not attractive enough for people to sell in bulk. Even when the price is rising as high as it is now, they still choose to sell "drop by drop" to test the market.

In the domestic market, pepper prices today, July 11, 2024, in the Southeast region decreased slightly by 1,000 VND in some localities, trading around 153,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 153,000 VND/kg.

Specifically, Dak Lak pepper price is purchased at 153,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is currently at 153,000 VND/kg, stable compared to yesterday. Dak Nong pepper price today is recorded at 153,000 VND/kg, down 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today are stable/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau at 153,000 VND/kg; in Binh Phuoc , pepper prices are at 153,000 VND/kg.

In the world market, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,166 USD/ton, up 0.15%; the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.

Muntok white pepper price is 9,124 USD/ton USD/ton, up 0.05%; Malaysian ASTA white pepper price is at 8,800 USD/ton.

The price of black pepper in Vietnam is simultaneously maintained at a high level of 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper. IPC continues to slightly increase pepper prices in Indonesia, Brazil, and Vietnam, while prices remain the same.

Domestic pepper price on July 11 , 2024

Province, city	Unit	Trader purchase price	Increase/decrease compared to yesterday
Chu Se (Gia Lai)	VND/kg	153,000	–
­­ Dak Lak	VND/kg	153,000	-1,000
Dak Nong	VND/kg	153,000	-1,000
Binh Phuoc	VND/kg	153,000	–
Ba Ria - Vung Tau	VND/kg	153,000

Vietnam and Brazil, the world’s two largest pepper producers, are both experiencing difficult harvests. The impact of El Nino and pests has led to low yields. Vietnam’s pepper output this year is estimated to have fallen by 10% to around 170,000 tonnes compared to last year, according to the Vietnam Pepper and Spice Association (VPSA).

Low output, high prices, and the situation of pepper growers selling “dripping” are putting great pressure on pepper exporting enterprises. Along with that, the recent sharp increase in sea freight rates has caused headaches for exporting enterprises because some have no goods to sell, while others have goods to sell but the more they sell, the more they lose.

Currently, businesses expect freight rates to stabilize after August. At the same time, pepper harvest in some major growing regions of Brazil such as Espirito Santos is expected to take place in August, followed by the Para region in November. However, due to unfavorable weather conditions, the harvest output may be lower than last year, down about 25-30% compared to the previous crop.

*Information for reference only

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1272024-tang-nhe-tro-lai-331570.html