Market is forecast to have a liquidation period soon; Vietnam's pepper exports officially return to the billion-dollar club

Pepper prices today, October 1, 2024, in the domestic market remained stable in key localities, trading from 147,500 - 149,000 VND/kg.

Pepper price today October 1, 2024: Forecast of an upcoming market liquidation; Vietnam's pepper exports officially return to the billion-dollar club. (Source: Incredibleman)

Pepper price today October 1, 2024 in the domestic market is stable in key localities, trading from 147,500 - 149,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 148,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (148,000 VND/kg); Dak Lak (148,000 VND/kg); Dak Nong (147,500 VND/kg); Ba Ria - Vung Tau (148,000 VND/kg) and Binh Phuoc (149,000 VND/kg).

Thus, after a slight increase for one day, domestic pepper prices remained stable in key localities today. The highest pepper price was at 149,000 VND/kg.

There are many factors currently pushing pepper prices down. Capital is being drawn to gold and coffee. Vietnam's coffee harvest season is approaching, expected in the fourth quarter of 2024, and many traders have liquidated pepper to prepare capital to import coffee amid the very high increase in Robusta prices.

Domestic transactions are quiet as there is not much supply in the domestic market. In addition, the supply from Indonesia's new pepper crop is creating downward pressure on prices. It is estimated that Indonesia's pepper output in 2024 can reach 85,000 tons, up 5% compared to the previous year. This abundant supply creates considerable downward pressure on prices in the market.

However, experts are still optimistic that domestic pepper prices could rise above VND160,000/kg before the harvest season in Vietnam.

According to the General Department of Customs, in September 2024, Vietnam exported 20,000 tons of pepper, earning 125 million USD. Compared to the same period last year, pepper exports increased by 10.4% in volume and 84.9% in value. The average export price reached 6,239 USD (more than 153 million VND)/ton, up 67.5% - the highest level in 8 years.

In the first 9 months of the year, Vietnam earned more than 1 billion USD from 203,000 tons of pepper. Although the export volume decreased by 1.5% compared to the same period last year, the value increased by 46.9%. Thus, with this achievement, pepper has officially returned to the billion-dollar export industry club.

In the world market, in the most recent trading session, based on quotes from export enterprises and export prices in various countries, the International Pepper Association (IPC) updated the prices of pepper of all types traded in the international market as follows:

Indonesian Lampung black pepper prices remained unchanged from the previous trading session at USD 6,942/ton. Similarly, Muntok white pepper prices also remained unchanged from yesterday at USD 9,430/ton.

Brazilian black pepper ASTA 570 price remained unchanged from yesterday at USD 6,750/ton.

Malaysia’s ASTA black pepper price was also kept stable at $8,800/ton. In addition, the country’s ASTA white pepper price remained at $11,200/ton.

Prices of all types of pepper in Vietnam also remained the same compared to yesterday. Of which, the price of Vietnamese black pepper 500 gr/l reached 6,800 USD/ton; 550 gr/l reached 7,100 USD/ton.

Similarly, Vietnam's white pepper price remained stable at USD 10,150/ton.

Source: https://baoquocte.vn/gia-tieu-hom-nay-1102024-du-bao-thi-truong-sap-co-dot-thanh-ly-hang-ho-tieu-viet-nam-xuat-khau-chinh-thuc-tro-lai-cau-lac-bo-ty-usd-288240.html