Today, October 20, 2024, pepper prices in the domestic market continued to fall in some key localities, trading between 142,500 and 143,500 VND/kg.
 |
| Pepper prices today, October 20, 2024: Continuing their downward trend, a sell-off is predicted, leading to a sharp drop in prices. (Source: thehindubusinessline) |
Today, October 20, 2024, pepper prices in the domestic market continued to fall in some key localities, trading at 142,500 – 143,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.
Today's pepper prices in the provinces of Dong Nai (142,500 VND/kg); Dak Lak (143,500 VND/kg); Dak Nong (143,500 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (143,000 VND/kg).
Continuing yesterday's downward trend, domestic pepper prices fell by 1,000 VND/kg today in key pepper-growing regions. This marks the second consecutive day of decline. The highest price recorded was 143,500 VND/kg.
After years of absence, favorable market demand has driven up pepper prices, bringing the commodity back into the billion-dollar export club.
According to data from the General Department of Customs, in the first nine months of the year, Vietnam's pepper exports brought in over $1 billion, with export value increasing by 47%. Statistics from the Vietnam Pepper and Spice Association show slightly lower figures, but also indicate that the target of reaching one billion USD in exports has been achieved ahead of schedule.
Currently, pepper prices are around 145,000 VND/kg. Experts warn that if the price falls below 140,000 VND/kg, it could trigger a sell-off leading to a sharp decline.
However, in reality, the amount of pepper remaining in the warehouses of large enterprises and traders is not much, and the amount held by farmers is also less than in previous years. Enterprises are stockpiling pepper to prepare for a delayed harvest next year, while farmers hope for continued price increases.
With competition from Indonesia's new pepper crop, the domestic market is not expected to show sustainable signs of recovery, as China continues to increase its pepper purchases from Indonesia.
The main markets for Vietnamese pepper are Europe and the United States; however, demand in these markets has yet to recover. This further complicates the export price of Vietnamese pepper.
Meanwhile, according to the Import-Export Department ( Ministry of Industry and Trade ), in the long term, export pepper prices will remain supported due to the expected decrease in Vietnam's 2025 pepper crop production. It is projected that Vietnam's 2025 pepper crop will be almost entirely harvested in February, with some areas extending into March and April, 1-2 months later than in previous years due to the prolonged drought, making pepper supply increasingly difficult.
At the close of the most recent trading session, the International Pepper Community (IPC) listed Lampung black pepper (Indonesia) at $6,794/ton, up 0.31%; Brazilian ASTA 570 black pepper at $6,400/ton; and Kuching (Malaysia) ASTA black pepper at $8,700/ton.
Muntok white pepper is priced at US$9,302/ton, up 0.32%; Malaysian ASTA white pepper is priced at US$11,200/ton.
Vietnamese black pepper is trading at US$6,500/ton for the 500 g/l grade; US$6,800/ton for the 550 g/l grade; and white pepper at US$9,500/ton. IPC has been showing slight increases in Indonesian pepper prices in recent days.
IPC noted that the pepper market this week continued to experience mixed reactions. Indian pepper prices, both domestically and internationally, continued their downward trend for the past three weeks. However, the strengthening of the Indonesian Rupiah against the USD helped boost prices in that country.
Source: https://baoquocte.vn/gia-tieu-hom-nay-20102024-tiep-da-di-xuong-du-bao-dot-ban-thao-dan-den-gia-giam-manh-290649.html
Comment (0)