Pepper price today January 4, 2024, slightly increased, forecast for domestic market from now until Lunar New Year

Pepper price today, January 4, 2024, in the domestic market increased slightly in some key localities, trading from 80,000 - 82,000 VND/kg.

Pepper price today January 4, 2024, slightly increased, forecast for domestic market from now until Lunar New Year. (Source: Case of Cooking)

Pepper price today, January 4, 2024, in the domestic market increased slightly in some key localities, trading from 80,000 - 82,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 80,000 VND/kg.

Pepper prices today in Dong Nai province (80,500 VND/kg); Dak Nong, Dak Lak (81,500 VND/kg); Ba Ria - Vung Tau (81,000 VND/kg) and Binh Phuoc (82,000 VND/kg).

It is forecasted that from now until Tet Giap Thin, the market will not have many major fluctuations, prices will be adjusted within a narrow range.

After Tet, localities will harvest pepper in abundance, at which point the picture of output will gradually become clearer. If the speculation of experts, businessmen, and pepper businesses is correct that this year will be a bad crop, combined with the possibility that the US Federal Reserve (Fed) will cut interest rates, then domestic pepper prices may increase sharply.

In the early stages of the year, pepper supply mainly comes from Vietnam, while other countries have not entered the season. Therefore, Vietnamese pepper prices will have a better influence on the global market.

By the end of November 2023, Nedspice Vietnam, an FDI enterprise, surpassed other names to rise to the number one position in Vietnam's pepper exports with a volume of 17,504 tons, an increase of 14.1% over the same period and accounting for 7.2% of the country's total exports.

Another FDI enterprise, Olam Vietnam, ranked second with 17,429 tons, down 33% year-on-year and accounting for 7.1% of the market share. Next were Pearl enterprises with 15,133 tons, accounting for 6.2%; Phuc Sinh 14,244 tons, accounting for 5.8%.

Notably, some new businesses or those that exported very little last year, but this year unexpectedly appeared in the top, such as Dang Nguyen Ls, Ha Thi Bich Ngoc, Ly Hoang Son...

Domestic pepper prices in Vietnam fell last week. Meanwhile, export prices recorded an increase. Pepper prices in the US market continued to increase, contributing to unstable freight rates.

Danish shipping company Maersk announced on December 31, 2023 that all of its ships would temporarily stop transiting the Red Sea for 48 hours. The decision was made after its ships were attacked on this shipping route.

Facing the risk of disruption of shipping activities through the Suez Canal in the Red Sea due to attacks by Houthi forces, international shipping rates on the Asia-Europe route have tripled in recent times.

Source