Pepper prices today, March 26, 3, in the Central Highlands and Southeast regions, many localities continue to stagnate, highest at 2024 VND/kg.
In particular, pepper prices in the Central Highlands region today continue to fluctuate from 92.500 - 96.000 VND/kg. Specifically, the price of Chu Se pepper (Gia Lai) continues to be purchased at 92.500 VND/kg, equal to yesterday's price; Dak Lak pepper price and Dak Nong pepper price remain at 96.000 VND/kg.
In the Southeast region, pepper prices today continue to fluctuate from 95.000 - 95.500 VND/kg. In particular, pepper prices in Ba Ria - Vung Tau are still purchased at 95.500 VND/kg, pepper prices in Binh Phuoc remain stable at 95.000 VND/kg, equal to yesterday's price.
Coffee prices in the country
Domestic coffee prices increased to 800 VND/kg and are standing at a very high level. Currently, the average purchase price in the Central Highlands provinces is 95.900 VND/kg, the highest purchase price in Dak Nong province is 96.000 VND/kg.
Specifically, the price of coffee purchased in Gia Lai and Kon Tum provinces is quite high at 95.800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 96.000 VND/kg.
Price of green coffee beans (green coffee, fresh green coffee) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 95.500 VND/kg.
Coffee price today (March 26) in Dak Lak province; In Cu M'gar district, coffee is purchased at about 3 VND/kg, while in Ea H'leo district, Buon Ho town is purchased at the same rate of 95.800 VND/kg.
Thus, today is the second consecutive day that pepper prices in key regions across the country have stagnated. Before that, pepper prices in different regions also fluctuated up and down, but the fluctuation range was not large, ranging from 2 to 2.000 VND/kg. Currently, localities have almost finished harvesting this year's pepper crop. Compared to last year, pepper prices increased dramatically, helping growers make big profits.
According to preliminary data from the General Department of Vietnam Customs from March 1 to March 3, 15, Vietnam pepper exported 3 tons with a value of about 2024 million USD; Cumulatively until the end of the reporting period, exports were 11.668 tons, worth about 50,357 million USD.
Fears of supply shortages were the main catalyst driving the increase in Robusta prices last week. According to the Vietnam Commodity Exchange (MXV), prolonged hot and dry conditions in the Central Highlands, Vietnam's main coffee growing region, are causing the market to have a negative view on the prospect of 24/25 crop supply. Moreover, inventories are almost exhausted, making concerns about supply shortages more serious.
The coffee market is in a period of price fever, focusing on Robusta - the type of coffee for which Vietnam is the number 1 supplier globally. The current sudden increase in coffee prices is due to a shortfall in Robusta production of nearly 20% - partly due to the influence of climate change and the strong impact of the El Nino phenomenon.
Around the world, some retailers are replacing Arabica coffee with Robusta coffee to avoid skyrocketing retail prices. Growing demand is tightening Robusta supply, leading to higher prices.
Vietnam is the world's number 1 producer and supplier of Robusta. With the advantage of low price, Vietnam is chosen by roasters around the world, especially in Europe and the US, as the main Robusta supplier.
According to experts from the Vietnam Coffee and Cocoa Association (Vicofa), the market's hot price increase in the first months of the year comes from an imbalance in supply and demand, when world coffee inventories are at record lows. , forcing businesses to find ways to purchase and pay contracts. Tensions in the Red Sea are also a catalyst for global coffee prices to peak.
International traders speculate that Vietnam's Robusta coffee output in the 2023 - 2024 crop year may decrease by another 2 - 3%. According to Vicofa, in the 2023 - 2024 crop year, Vietnam's coffee output is expected to decrease to 1,6 - 1,7 million tons, lower than 1,78 million tons in the 2022 - 2023 crop year.