Today's pepper prices (December 28, 2023) are nearly reaching their two-year peak, making pepper a strong market trend.

Today, December 2nd, 2023, pepper prices in the domestic market continued to rise sharply in some key localities, trading from 81,500 – 85,000 VND/kg.

Today's pepper prices (December 28, 2023) are nearly reaching their two-year peak, making pepper a strong market trend. (Source: Times of India)

Today, December 2nd, 2023, pepper prices in the domestic market continued to rise sharply in some key localities, trading at 81,500 – 85,000 VND/kg.

Specifically, the price of pepper today in Gia Lai is 81,500 VND/kg.

Today's pepper prices in the provinces are: Dong Nai (82,000 VND/kg); Dak Nong, Dak Lak (84,500 VND/kg); Ba Ria - Vung Tau (82,500 VND/kg) and Binh Phuoc (85,000 VND/kg).

Thus, domestically, the market recorded its third consecutive day of price increases, with relatively large increases of 1,000-1,500 VND/kg in various localities. After falling below 85,000 VND at the end of last week, domestic pepper prices quickly recovered amid concerns about continued supply shortages for export. Binh Phuoc continues to have the highest prices in the market.

Besides coffee, pepper has also become a highly sought-after commodity in the Central Highlands region during the end of the year. The upward trend in pepper prices started in early November and has continued until now. Pepper prices reached a nearly two-year peak of 85,500 VND/kg on December 20th and have started to cool down in recent days.

As of December 26th, the average price of pepper in the Central Highlands provinces was approximately 83,000 VND/kg, a 23% increase compared to the beginning of November. Compared to the beginning of the year, the price of pepper has increased by as much as 45%.

Increased consumption coupled with limited supply has supported domestic pepper prices recently. According to data from the General Department of Customs, Vietnam exported 20,238 tons of pepper in November, earning $77.7 million, a 23.7% increase in volume and a 28.4% increase in value compared to the same period last year.

Thus, this marks the fourth consecutive month that pepper exports have increased compared to the same period last year and also compared to 2022. This indicates a positive improvement in demand.

Cumulative pepper exports up to the end of November reached 245,665 tons, an 18% increase compared to the same period last year.

Early harvesting will begin in late December, while harvesting in most areas will start in January 2024. Weather conditions are generally favorable, but in many areas of the Central Highlands, farmers have increased intercropping with coffee and fruit trees such as durian and avocado. This will affect the area under pepper cultivation in the future. It is estimated that Vietnam's total pepper production will decrease slightly by about 2-5% in the next season.

According to members on various forums for Vietnamese pepper growers, the early harvest has begun sporadically in some areas of Dak Nong, with low yields.

On the world market, at the close of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at US$3,874/ton; the price of Brazilian ASTA 570 black pepper at US$3,270/ton; and the price of Kuching black pepper (Malaysia) ASTA remained at US$4,900/ton.

Muntok white pepper is priced at US$6,080/ton; Malaysian ASTA white pepper remains at US$7,300/ton.

Vietnamese black pepper is trading at US$3,700/ton for the 500 g/l grade and US$3,800/ton for the 550 g/l grade; white pepper is priced at US$5,500/ton. IPC continues to maintain prices in all countries.

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