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| Pepper price today January 1, 2024, the market appeared strong selling pressure, turned down, affected by speculative factors. (Source: Food and Wine) |
Pepper prices today, January 1, 2024, in the domestic market continued to decrease in some key localities, trading from 80,000 - 81,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 80,000 VND/kg.
Pepper prices today in Dong Nai province (80,000 VND/kg); Dak Nong, Dak Lak (81,500 VND/kg); Ba Ria - Vung Tau (80,500 VND/kg) and Binh Phuoc (81,500 VND/kg).
Thus, domestically, the market recorded 3 consecutive days of decline, with a decrease of 5.00 VND/kg in key localities. The highest pepper price was recorded in Binh Phuoc province at 81,500 VND/kg.
Last week, as soon as the price reached 85,000 VND/kg, the market saw strong selling pressure and turned down. Experts assessed that the domestic pepper market at this stage is seeing a lot of speculation from traders.
This year’s crop has begun to be harvested in some early-ripening pepper regions, such as Dak Nong. Both buyers and sellers are looking forward to information on output when the peak harvest (after Tet) begins.
According to the general assessment of enterprises, the 2024 pepper crop will decrease by about 10%, with an estimated harvest output of 170,000-175,000 thousand tons. In 2023, the pepper growing area will be only 120,000 hectares, with an output of 190,000 tons.
According to the Vietnam Pepper and Spice Association (VPSA), in the fourth quarter, exports depended on inventories carried over from previous years. Vietnam has exported all of its 2023 harvest, with part of its exports coming from imports as well as inventories from the previous year.
The inventory from 2023 to 2024 will be the lowest in many years. In addition to supply and demand factors, some sources said that the recent sharp increase in pepper prices was also due to speculation.
Remaining inventories in Vietnam are mainly in the hands of traders and speculators, and speculation may continue to support the market in the short term until the new harvest takes place.
Commenting on the prospect of pepper prices in 2024, Mr. Le Duc Huy, General Director of Dak Lak 2-9 Import-Export Company Limited (Simexco) said that the price of 85,000 - 90,000 VND/kg is feasible. Mr. Huy explained that not only Vietnam but also the output of many pepper growing countries such as India and Brazil is forecasted to be unfavorable due to the impact of bad weather patterns of El Nino.
Meanwhile, in the first quarter of 2024, purchases from Western countries may be concentrated at the same time due to depleted inventories. This will help push up domestic pepper prices.
In the world market, at the end of the last trading session of 2023, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 3,887 USD/ton, down 0.13%; the price of Brazilian black pepper ASTA 570 at 3,270 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.
Muntok white pepper price is 6,100 USD/ton, down 0.15%; Malaysian ASTA white pepper price remains at 7,300 USD/ton.
Vietnam black pepper price is traded at 3,900 USD/ton for 500 g/l, 4,000 USD/ton for 550 g/l; white pepper price is at 5,700 USD/ton.
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