Market reacts in mixed ways, domestic prices likely to increase again

Pepper prices today, September 29, 2024, in the domestic market continued a series of declines in key localities, trading from 146,000 - 148,000 VND/kg.

Pepper price today September 29, 2024: Market reacts in mixed ways, domestic prices are likely to increase again. (Source: Food and Wine)

Pepper price today, September 29, 2024 in the domestic market continued the series of days of decline in key localities, trading from 146,000 - 148,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 147,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (147,000 VND/kg); Dak Lak (147,000 VND/kg); Dak Nong (146,000 VND/kg); Ba Ria - Vung Tau (147,000 VND/kg) and Binh Phuoc (148,000 VND/kg).

Thus, continuing the downward trend of the previous 3 days, domestic pepper prices today continued the downward trend in key localities, with a decrease of 1,000 - 3,000 VND/kg. The highest pepper price was at 148,000 VND/kg.

The market has not shown any signs of improvement as supply is low and capital flows are gradually shifting to coffee. However, according to experts' forecasts, domestic pepper prices are likely to increase again due to many reasons. Although the number of transactions is not high at present, it is expected to increase in the last months of the year to meet the shopping demand during the Lunar New Year, which will help increase the price of Vietnamese pepper.

According to a recent assessment by PTEXIM Corp - one of the largest pepper exporters in Vietnam, China has increased its purchases of white pepper again in the context of the white pepper growing area on Hainan Island being severely affected by the recent Typhoon Yagi . Hainan Island is one of China's key sources of white pepper.

White pepper supply in the world's second-largest economy is expected to become more tight as demand is expected to increase in the fourth quarter and the upcoming traditional Lunar New Year holiday.

According to data from the Chinese Customs Administration, China's pepper imports in July reached 1,965 tons, worth 9.2 million USD, up 2.1 times in volume and 2.3 times in value compared to the same period last year.

Meanwhile, in Vietnam, the Central Highlands region is facing high temperatures and drought. Pepper plants need a lot of water and are not drought-tolerant. This weather condition not only affects the current crop but may also affect future crops of the Vietnamese pepper industry.

Nedspice's latest report stated that exports in the fourth quarter of this year will depend on the release of inventory carried over many years by "big players" and additional imported pepper.

In Brazil, the main harvest has begun in Para and Espírito Santo. Exports in July and August were down more than 20% year-on-year, as the May-June harvest in Espírito Santo was severely affected by severe weather conditions earlier in the year.

The company said that the falling global inventory ratio is pushing up prices and encouraging farmers to invest in maintaining and expanding their pepper farms.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,942 USD/ton, up 0.22%; the price of Brazilian black pepper ASTA 570 at 6,750 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,430 USD/ton, up 0.22%; Malaysian ASTA white pepper price is at 11,200 USD/ton.

Vietnam's black pepper price is trading at 6,800 USD/ton for 500 g/l; 7,100 USD/ton for 550 g/l; and 10,150 USD/ton for white pepper. IPC adjusted pepper prices in Indonesia up while keeping them stable in other localities.

The International Pepper Community commented that the pepper market this week had many mixed reactions. After recording increases in the past 2 weeks, domestic and international Indian pepper prices were stable this week. Indonesian black pepper was reported to have a downward trend.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2992024-thi-truong-phan-ung-trai-chieu-gia-trong-nuoc-nhieu-kha-nang-tang-nong-tro-lai-288043.html