With the price soaring, will a new peak be set?

Pepper prices are forecast to surge on August 18, 2024. According to Ms. Hoang Thi Lien, President of the Vietnam Pepper and Spice Association (VPSA), global demand for pepper is increasing, and the EU remains a major consumer market for Vietnamese pepper. Furthermore, the processing capacity of Vietnamese businesses is substantial, potentially reaching 140,000 tons per year, creating opportunities for the Vietnamese pepper industry to develop in the future.

VPSA prioritizes maintaining stable pepper cultivation areas, focusing on solutions to improve quality and diversify processed products with high added value. Accordingly, it is necessary to advise and guide farmers to comply with international standards, especially regarding chemical residue levels, and to implement cultivation, pest control, processing, and preservation methods suitable to the climatic conditions of different regions.

Meanwhile, today, August 17, 2024, pepper prices in the Southeast region decreased by 2,000 - 2,500 VND/kg in some localities compared to yesterday, trading around 136,000 - 137,000 VND/kg, with the highest purchase price in Dak Lak province at 137,000 VND/kg.

Pepper price forecast for August 18, 2024: Soaring, will a new peak be set? (Illustrative image)

Specifically, the price of pepper in Dak Lak is being purchased at 137,000 VND/kg, a decrease of 2,000 VND compared to yesterday. The price of pepper in Chu Se (Gia Lai) is being purchased at 136,500 VND/kg, a decrease of 2,500 VND compared to yesterday. The price of pepper in Dak Nong today is recorded at 136,500 VND/kg, a decrease of 2,500 VND/kg compared to yesterday.

In the Southeast region, pepper prices today decreased by 2,500 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau , the price is currently at 136,000 VND/kg, down 2,500 VND/kg from yesterday; in Binh Phuoc, the price is also at 136,000 VND/kg, down 2,500 VND/kg from yesterday.

Domestic pepper prices on August 17, 2024

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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$7,412/ton, down 0.19%, and Muntok white pepper at US$8,728/ton, down 0.18%.

Brazilian ASTA 570 black pepper prices remained stable at US$6,175/ton. Malaysian ASTA black pepper prices continued to hold steady at US$8,500/ton; Malaysian ASTA white pepper prices reached US$10,400/ton.

Vietnamese black pepper prices remained 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.

IPC noted that the pepper market this week continued to show mixed reactions. After reporting an upward trend over the past two weeks, Indian pepper prices, both domestically and internationally, remained stable this week. Only Indonesian black pepper continued to see an increase since last week.

Meanwhile, the latest market report from last week (August 5-11, 2024) from the International Pepper Community indicates that domestic and export pepper prices in India and Sri Lanka were recorded over the past two weeks.

In Southeast Asia, as the Indonesian Rupiah appreciated by 1% against the US dollar (16,061 IDR/USD), pepper prices both domestically and internationally in the country rose last week.

Both domestic and export pepper prices in Malaysia have risen over the past two weeks, partly due to the Malaysian Ringgit's sharp 3% appreciation against the US dollar (4.47 MYR/USD) and the start of the harvest season for some farmers in the country.

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After two weeks of stability, Vietnam's domestic and export pepper prices recorded a decrease last week. Brazilian black pepper prices have also fallen since last week. Meanwhile, Cambodian black pepper and Chinese white pepper prices remained stable and unchanged. In contrast, pepper prices in the US market showed a downward trend from producing countries.

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

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1882024-tang-vun-vut-dinh-moi-co-duoc-thiet-lap-339733.html