With a strong rebound, will a new price range be established?

Forecast for pepper prices on August 15, 2024: A sharp increase is expected. In the second quarter of 2024, black pepper prices in the domestic market continuously increased, reaching new record highs. Accordingly, domestic pepper prices have increased by approximately 93% compared to the beginning of the year and 2.3 times compared to the same period last year.

The upward price trend continued in July 2024 due to increased demand and limited supply.

According to the Vietnam Pepper Association (VPA), the increase in domestic pepper prices has not met expectations due to low demand from the Chinese market. Currently, pepper prices in China are lower than in Vietnam, which may be the main reason for the restrictions on pepper imports from Vietnam.

Pepper price forecast for August 15, 2024: Strong rebound, will a new price range be established?

Meanwhile, today, August 14, 2024, pepper prices in the Southeast region increased slightly by 500-1,000 VND/kg in some localities compared to yesterday, trading around 137,500-138,500 VND/kg, with the highest purchase price in Dak Lak and Dak Nong provinces at 138,500 VND/kg.

Specifically, the price of pepper in Dak Lak is being purchased at 138,500 VND/kg, a slight increase of 500 VND compared to yesterday. The price of pepper in Chu Se (Gia Lai) is being purchased at 138,000 VND/kg, an increase of 1,000 VND compared to yesterday. The price of pepper in Dak Nong today is recorded at 138,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 500-1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently 138,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, the price is 137,500 VND/kg, an increase of 500 VND/kg compared to yesterday.

Domestic pepper prices on August 14, 2024

According to the International Pepper Association (IPC), at the close of the most recent trading session, the IPC listed Indonesian Lampung black pepper at US$7,334/ton, up 0.49%, and Muntok white pepper at US$8,635/ton, up 0.50%.

Brazilian ASTA 570 black pepper prices remained at US$6,175/ton, up 1.21%. Malaysian ASTA black pepper prices remained stable at US$8,500/ton; Malaysian ASTA white pepper prices reached US$10,400/ton.

Vietnamese black pepper prices remain high, trading at US$5,800/ton for the 500 g/l variety; US$6,200/ton for the 550 g/l variety; and white pepper at US$8,500/ton…

Vietnam is located in a region with quite diverse weather patterns, especially in the context of the upcoming La Nina phenomenon, which brings heavy rainfall, making it difficult for pepper plants to bear fruit. Many believe that it will be necessary to provide a fairly accurate forecast of production figures only towards the end of the year, around November or December 2024.

Mr. Hoang Phuoc Binh – Standing Vice Chairman of the Chu Se Pepper Association – commented on the upcoming pepper harvest, noting that there is currently conflicting information. Some say prices will decrease, others say they will increase, leading to considerable confusion. Some farmers shared that their pepper gardens did not bear fruit this season. However, others said they expect a bumper harvest. All of this is due to the influence of weather conditions.

Regarding this, Ms. Hoang Thi Lien – President of the Vietnam Pepper and Spice Association – shared that Vietnam is currently the world's largest pepper exporter, accounting for approximately 55% of the total global pepper exports. With a processing capacity of 140,000 tons per year, Vietnam continues to have the potential to further increase the proportion of processed exports (currently, the proportion of processed goods is only 30%).

Increasing deep processing will help diversify products, improve quality and value, and participate more deeply in the value chain… these are solutions to revive the pepper industry.

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

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1582024-tang-manh-tro-lai-lieu-vung-gia-moi-co-duoc-thiet-lap-339040.html