| Pepper price forecast on July 14, 2024: Continuing the downward trend to return to the 150,000 VND/kg mark? Pepper price forecast on July 15, 2024: Stable around the 150,000 VND/kg mark |
Pepper price forecast for July 16, 2024 is stable for the second consecutive day. After 2 consecutive days of decline at the end of the week, domestic pepper prices have returned to the same level as at the beginning of the week. Currently, the supply to the market is "dripping" and no business is buying thousands of tons of pepper at this time, making the demand in the market "fragile".
In addition to supply and demand issues, maritime congestion continues to affect exports in general and pepper in particular.
In the domestic market, pepper prices today, July 15, 2024, in the Southeast region, transactions slowed down in some localities, trading around 150,400 VND/kg, the highest purchase price in Ba Ria - Vung Tau and Dak Nong provinces was 151,000 VND/kg.
Specifically, Dak Lak pepper price was purchased at 150,000 VND/kg, the same price as yesterday. Chu Se pepper price (Gia Lai) continued to stand at 150,000 VND/kg. Dak Nong pepper price today also remained stable at 151,000 VND/kg.
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| Pepper price forecast on July 16, 2024: Expected to reach a new peak? |
In the Southeast region, pepper prices today also fluctuated similarly. Specifically, in Ba Ria - Vung Tau, copper prices were stable at 151,000 VND/kg; in Binh Phuoc, pepper prices today remained at 150,000 VND/kg.
In the world market, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,211 USD/ton (up 0.96%); the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton (down 1.37%); the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,182 USD/ton (up 0.97%); Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnamese black pepper prices remain at a high level, trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; white pepper prices at 8,800 USD/ton. IPC maintains pepper prices in Indonesia, Brazil, and Vietnam.
Domestic pepper price on July 15 , 2024
Province, city | Unit | Trader purchase price | Increase/decrease compared to yesterday |
Chu Se (Gia Lai) | VND/kg | 150,000 | – |
Dak Lak | VND/kg | 150,000 | – |
Dak Nong | VND/kg | 151,000- | – |
Binh Phuoc | VND/kg | 150,000 | – |
Ba Ria - Vung Tau | VND/kg | 151,000 | – |
Maritime congestion continues to affect pepper exports. Container shipping rates have skyrocketed due to delays and rerouting.
In Indonesia, pepper cultivation has been on a downward trend over the past five years as farmers switch to more profitable crops such as oil palm. While current prices may encourage new plantings, a short-term recovery is unlikely.
Countries such as India, Sri Lanka, Malaysia and Cambodia have had relatively stable production over the past few years, without significantly impacting the overall change in global supply.
The high price of pepper has encouraged some pepper growers to “close the sale” of pepper they had consigned from previous crops to collect money, putting further financial pressure on agents. However, there is also a phenomenon of some agents accepting consignments from farmers “forcing” prices to push the market down.
The Vietnam Pepper and Spice Association (VPSA) said that in addition to maintaining good prices for farmers, increasing the production of high-quality products and value-added products is also an important solution being applied by many businesses to increase the value of pepper and income for farmers.
The problem for Vietnam now is how to stabilize pepper output at 170,000 - 190,000 tons to maintain the position of Vietnamese pepper in the world market.
*Information for reference only
Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1672024-ky-vong-cham-dinh-moi-332459.html
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