Pepper price today July 2, 2024, many agents have great motivation to hoard goods, the market exceeds growers' expectations

Pepper prices today, July 2, 2024, in the domestic market are stable in key localities, trading from 153,000 - 157,000 VND/kg.

Pepper price today July 2, 2024, many agents have great motivation to hoard goods, the market exceeds growers' expectations. (Source: Black Pepper Plant)

Pepper price today, July 2, 2024, in the domestic market is stable in key localities, trading from 153,000 - 157,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 153,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (153,000 VND/kg); Dak Lak (155,000 VND/kg); Dak Nong (157,000 VND/kg); Ba Ria - Vung Tau (154,000 VND/kg) and Binh Phuoc (155,000 VND/kg).

Thus, domestic pepper prices today are stable in key localities. The highest pepper price was recorded at 157,000 VND/kg.

Mr. Hoang Phuoc Binh, Vice President of the Chu Se Pepper Association (Gia Lai) said that the current transaction price of Vietnamese pepper in general and the price of other types of pepper in the world is higher than the domestic price level, so many agents have a great motivation to hoard goods. Meanwhile, there is currently no business buying thousands of tons of pepper at this time, making the demand in the market "fragile".

According to the Vietnam Pepper and Spice Association (VPSA), in the short term, pepper prices may have some downward adjustments, but they will not be too deep, it is unlikely to return to the low price level as before and the market has formed a new price level.

In June 2024, pepper prices increased by an average of 23,000 - 27,000 VND/kg. Although the market had two sharp downward adjustments during the month, it still ended the second quarter with a price exceeding farmers' expectations.

Previously, in May 2024, domestic pepper prices increased sharply, by an average of 33,000 VND/kg. In April 2024, domestic pepper prices increased by 5,000 VND/kg.

This month, global pepper supply still depends on the volume of goods from Vietnam while the harvest in other countries has not yet begun. This helps Vietnamese pepper prices maintain a good upward momentum each month of the second quarter of 2024.

In addition, the tension in sea freight rates continues to be embedded into the prices of goods in general, including pepper. In addition, speculative activities that have pushed prices up in recent times cannot be ignored.

In May, black pepper export prices from Indonesia, Brazil and Vietnam increased by 10.6%, nearly 30% and 37.2% respectively. The upward trend continued into June and reached an eight-year high due to market concerns about a supply shortage amid forecasted output declines in major producing countries while demand remains high.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,106 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,300 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.

Muntok white pepper price is 9,048 USD/ton; Malaysian ASTA white pepper price is at 8,800 USD/ton.

Vietnam's black pepper price is trading at 6,500 USD/ton for 500 g/l; 550 g/l at 7,000 USD/ton; white pepper price at 9,500 USD/ton.

Source: https://baoquocte.vn/gia-tieu-hom-nay-272024-nhieu-dai-ly-co-dong-luc-lon-de-gam-giu-hang-thi-truong-vuot-ky-vong-cua-nguoi-trong-277057.html