| Pepper price forecast for June 15, 2024: Unexpected plunge after a sharp correction? Pepper price forecast for June 16, 2024: Continuing the downward trend? |
Pepper prices on June 17, 2024 are forecast to surge, heading towards 175,000 VND/kg. This week, the market has witnessed two strong price increases in the domestic pepper market, a correction after a period of excessively rapid growth.
Over the past month, pepper prices have skyrocketed. Around mid-May, prices rose to 120,000 VND/kg, then to 127,000-129,000 VND/kg by the end of May, and in some localities even reached 185,000 VND/kg on June 12th. With this upward trend, it is predicted that pepper prices will exceed 200,000 VND/kg in the second half of this year.
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| Pepper price forecast for June 17, 2024: Pepper prices are rising sharply, heading towards 175,000 VND/kg. |
During the upward cycle, there will be corrections due to speculation; however, the shortage of supply will cause pepper prices to continue rising in the long term.
Supply shortages coupled with increased market demand have driven pepper prices back up. Some dealers and pepper farmers believe that China's re-entry into the buying market is also a major factor driving prices higher.
Domestic pepper prices in the Central Highlands and Southeast regions fluctuated today, rising and falling by 1,000 VND/kg in some localities, trading around 156,000 VND/kg, with the highest purchase price in Dak Nong province at 158,000 VND/kg.
Accordingly, the price of pepper in Dak Lak remains unchanged from yesterday at 157,000 VND/kg. The price of pepper in Chu Se (Gia Lai) is currently at 155,000 VND/kg, also unchanged from yesterday. The price of pepper in Dak Nong today is recorded at 158,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
In the Central Highlands and Southeast regions, prices fluctuated up and down by 1,000 VND/kg in some localities, trading around 156,000 VND/kg, with the highest purchase price in Dak Nong province at 158,000 VND/kg.
Domestic pepper prices on June 16 , 2024
Province, city | Unit | The price offered by traders. | Increase/decrease compared to yesterday |
Chu Se ( Gia Lai ) | VND/kg | 155,000 | 0 |
Dak Lak | VND/kg | 157.0000 | 0 |
Boeing Nong | VND/kg | 158,000 | + 1,000 |
Binh Phuoc | VND/kg | 155,000 | - 1,000 |
Ba Ria - Vung Tau | VND/kg | 156,000 | -1,000 |
At the close of the most recent trading session, the International Pepper Community (IPC) listed Lampung black pepper (Indonesia) at $6,418/ton, down 0.53%; Brazilian ASTA 570 black pepper at $7,900/ton; and Kuching black pepper (Malaysia) ASTA at $4,900/ton.
Muntok white pepper price is 8,377 USD/ton, down 0.54%; Malaysian ASTA white pepper price remains at 7,300 USD/ton.
The price of Vietnamese black pepper increased sharply across the board, reaching 7,800 USD/ton (up 6.84%); 550 g/l at 8,000 USD/ton (up 2.56%); white pepper at 12,000 USD/ton (up 12.14%).
IPC commented that this week's pepper market continues to show positive prospects, with no market recording a decrease.
In the coming period, in addition to supply and demand tensions, commodity prices in general, and pepper prices in particular, are being affected by the skyrocketing increase in sea freight costs.
The Danish shipping giant Maersk has reported that container shipping costs have risen "almost vertically" over the past month. Specifically, in the week ending June 6th, the Drewry container freight rate increased 12% to $4,716 per FEU (40ft container), representing a 181% year-on-year increase and 232% higher than the 2019 average.
Transportation costs are factored into the price of goods, leading to higher prices for products such as coffee and pepper exported from Vietnam.
In the pepper and spice industry, the Vietnam Pepper and Spice Association reports that pepper exporting businesses are facing a double challenge: high pepper prices are making it difficult for businesses to purchase goods, and transportation costs are also increasing. This may be due to China collecting empty containers for export.
The International Pepper Community (IPC) believes that the pepper market this week continues to show positive prospects, with no markets recording a decline. In the coming period, besides supply and demand tensions, commodity prices in general, and pepper prices in particular, are being affected by soaring sea freight costs. The giant shipping group Maersk (Denmark) stated that container shipping costs have increased "almost vertically" over the past month.
Specifically, in the week ending June 6th, Drewry's container freight index increased 12% to $4,716 per FEU (40ft container), representing a 181% year-on-year increase and 232% higher than the 2019 average. These freight costs are being factored into the price of goods, leading to higher prices for products such as coffee and pepper exported from Vietnam.
In the pepper and spice industry, the Vietnam Pepper and Spice Association reports that pepper exporting businesses are facing a double challenge: high pepper prices are making it difficult for businesses to purchase goods, and transportation costs are also increasing. This may be due to China collecting empty containers for export.
*This information is for reference only. Prices may vary depending on the location.
Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1762024-gia-tieu-tang-nong-huong-den-moc-175000-dongkg-326504.html
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