Will pepper prices experience a dramatic drop?

According to forecasts, pepper prices on November 7th are trending downwards. In the short term, specifically during November 2024, the pepper market is expected to continue facing significant fluctuations. Pepper prices may remain stable or decrease slightly due to limited supply and the lack of strong recovery in consumer demand.

According to experts, Vietnam is about to enter its harvest season with a projected yield of around 170,000 tons, accounting for approximately 35-40% of the global supply. Therefore, world pepper prices may continue to fluctuate. Overall, pepper supply remains lower than demand, meaning prices are likely to remain favorable.

Pepper price forecast for November 7, 2024: Will pepper prices experience a dramatic drop?

According to pepper exporting businesses, although export turnover has increased sharply recently, they also face many difficulties in the production and business process.

In the domestic market, today's pepper prices (November 6, 2024) in the Southeast region maintained a stable trend in most key areas, trading around 140,000 - 141,000 VND/kg; the highest purchase prices were in Dak Nong and Dak Lak provinces.

Accordingly, the price of pepper in Dak Lak is being purchased at 141,000 VND/kg. The price of pepper in Chu Se ( Gia Lai ) is being purchased at 140,000 VND/kg. The price of pepper in Dak Nong today is recorded at 141,000 VND/kg.

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In the Southeast region, pepper prices today have changed compared to yesterday. Specifically, in Binh Phuoc, the price of pepper today is 140,000 VND/kg. In Ba Ria - Vung Tau, the price is currently 140,000 VND/kg, a decrease of 1,000 VND/kg compared to yesterday.

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Brazilian ASTA 570 black pepper is priced at US$6,400/ton. Malaysian ASTA black pepper is priced at US$8,500/ton; the price of Malaysian ASTA white pepper reached US$11,000/ton.

Specifically, the price of Vietnamese black pepper remained stable, trading at US$6,500/ton for the 500 g/l variety; US$6,800/ton for the 550 g/l variety; and the price of white pepper was US$9,500/ton.

Recently, pepper exports have increased sharply, but businesses exporting this commodity also face many difficulties in the production and business process.

In recent weeks, selling pressure on pepper has increased in the market as the coffee harvest is underway. The large capital requirements for investing in the coffee crop have led many farmers and dealers to shift to selling pepper to raise funds, putting pressure on domestic pepper prices.

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The demand for pepper during the year-end festive season will be a positive driver for pepper prices in the market. With prices remaining high, pepper exports are forecast to continue to be a bright spot for Dak Lak province in particular and the Central Highlands region in general in the last two months of 2024.

*This information is for reference only. Prices may vary depending on the time and location.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-7112024-gia-tieu-lieu-co-giam-soc-357220.html