Pepper price today March 3, 2024, expected price to continue to increase, strengthening the psychology of stockpiling, farmers believe in the market's upward cycle

Pepper price today, March 3, 2024, in the domestic market suddenly increased sharply in some key localities, trading from 93,000 - 95,500 VND/kg.

Pepper price today March 3, 2024, expected price to continue to increase, strengthening the psychology of stockpiling, farmers believe in the market's upward cycle. (Source: Peppertrade)

Pepper prices today, March 3, 2024, in the domestic market suddenly increased sharply in some key localities, trading from 93,000 - 95,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 93,000 VND/kg.

Pepper prices today in Dong Nai province (93,500 VND/kg); Dak Nong, Dak Lak (95,000 VND/kg); Ba Ria - Vung Tau (95,000 VND/kg) and Binh Phuoc (95,500 VND/kg).

Thus, after a day of decline, pepper prices today unexpectedly increased in localities, increasing from 1,000 - 2,000 VND/kg. The highest pepper price was recorded in Binh Phuoc at 95,500 VND/kg.

On many social networking forums (with more than 200,000 members), many farmers have begun to expect that black pepper prices will continue to increase by at least 20-30% in the coming time. This has reinforced the psychology of stockpiling black pepper in the farming community.

Farmers are increasingly confident in the black pepper price rally and are almost refusing to sell when the market corrects downward.

This week, many local news outlets began reporting on the new pepper crop. Most reported farmers’ excitement over rising pepper prices, but also reported lower yields, favorable harvest labor, and more speculative sentiment than last year, according to Peppertrade.

According to data from the General Statistics Office, Vietnam's pepper exports in February 2024 are estimated at 16 thousand tons, earning 65.3 million USD, down 8.4% in volume and 6.5% in value compared to January 2024. Last month, exports were temporarily suspended due to the Lunar New Year holiday.

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 3,896 USD/ton, up 0.13%; the price of Brazilian black pepper ASTA 570 at 4,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.

Muntok white pepper price is 6,142 USD/ton, up 0.11%; Malaysian ASTA white pepper price remains at 7,300 USD/ton.

Vietnam black pepper prices are trading at 3,900 USD/ton for 500 g/l, 4,000 USD/ton for 550 g/l; white pepper prices are at 5,700 USD/ton. IPC assessed that this week's pepper market continued to show mixed reactions, with only India reporting a decrease.

According to IPC, last week both domestic and export pepper prices in India continued to decline. Thus, pepper prices in this country have been continuously decreasing in recent weeks. Sri Lanka is also on the decline.

Last week in Southeast Asia, domestic and international pepper prices in Indonesia were stable, with little trading activity recorded in the market. Only domestic black pepper prices in Malaysia recorded an increase last week. Meanwhile, other grades remained stable and unchanged.

Brazilian black pepper and Cambodian black pepper prices recorded increases last week. In the US market, both black and white pepper prices recorded increases last week.

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