The market is 'inactive', supply will continue to be scarce until the harvest season

Pepper prices today, July 31, 2024, in the domestic market continue to be stable in key localities, trading from 149,000 - 150,000 VND/kg.

Pepper price today July 31, 2024: The market is 'inactive', supply will continue to be scarce until the harvest season. (Source: MC)

Pepper prices today, July 31, 2024, in the domestic market continue to be stable in key localities, trading from 149,000 - 150,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 149,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (150,000 VND/kg); Dak Lak (150,000 VND/kg); Dak Nong (150,000 VND/kg); Ba Ria - Vung Tau (150,000 VND/kg) and Binh Phuoc (149,000 VND/kg).

Thus, domestic pepper prices today remained stable in key localities. The highest pepper price was at 150,000 VND/kg. According to assessments, both sellers and buyers are accepting the current price.

According to the General Department of Customs, in the second quarter of 2024, Vietnam's pepper exports reached 84,609 tons, worth 394 million USD, up sharply by 49% in volume and 67.1% in value compared to the first quarter, and up by 10.5% in volume and 57.5% in value compared to the second quarter of 2023.

In the first 6 months of 2024, pepper exports reached 141,392 tons with a turnover of 629.9 million USD, down 7.4% in volume but up 30% in value over the same period last year thanks to high prices.

The average export price of pepper in the second quarter of 2024 reached 4,657 USD/ton, up 12.1% compared to the first quarter and up 42.5% compared to the second quarter of 2023. In the first 6 months of the year, it increased by 40.7% over the same period, reaching 4,455 USD/ton.

Pepper prices have skyrocketed in recent times mainly due to concerns about global supply shortages, especially in two countries that determine the world's supply, Brazil and Vietnam, both of which have seen reduced production due to the impact of El Nino weather factors causing drought, while demand has increased in some major consumer markets such as the US and the European Union (EU).

Many experts believe that signs of supply shortage compared to demand will continue to be recorded and reflected in the market in the coming time until the crop season.

The market is still heavily dependent on the results of the VPSA Conference summarizing the production and export situation of the spice industry in the first 6 months of 2024 and production and business orientation for the last 6 months of 2024, held on July 31.

If information about the last crop's output and assessments by experts and businesses at the 6-month summary conference are less positive, this will push domestic pepper prices into a new increase.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,153 USD/ton, up 0.04%; the price of Brazilian black pepper ASTA 570 at 6,850 USD/ton, down 1.46%; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.

Muntok white pepper price is 8,765 USD/ton, down 3.86%; Malaysian ASTA white pepper price is at 8,800 USD/ton.

Vietnamese black pepper prices are trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper. At the beginning of the week, IPC sharply reduced the price of Brazilian black pepper, while Indonesia made mixed adjustments.

Source: https://baoquocte.vn/gia-tieu-hom-nay-3172024-thi-truong-an-binh-bat-dong-se-tiep-tuc-khan-hiem-nguon-cung-cho-den-khi-giap-hat-280718.html