Pepper prices today, October 20, 2024, in the domestic market continued to decrease in some key localities, trading from 142,500 - 143,500 VND/kg.
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| Pepper price today October 20, 2024: Continuing to decline, forecasting a sell-off leading to a sharp price drop. (Source: thehindubusinessline) |
Pepper prices today, October 20, 2024, in the domestic market continued to decrease in some key localities, trading from 142,500 - 143,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.
Pepper prices today 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).
Thus, continuing yesterday's downward trend, domestic pepper prices today decreased by 1,000 VND/kg in key growing areas. This is the second consecutive day of decrease. The highest pepper price was recorded at 143,500 VND/kg.
After many years of absence, thanks to favorable market demand, pepper prices have increased, bringing this item back to the billion-dollar "export club".
According to the General Department of Customs, in the first 9 months of 2018, Vietnam's pepper exports brought in more than 1 billion USD with an export value increase of 47%. The statistics of the Vietnam Pepper and Spice Association are slightly lower, but also show that the billion USD export target has been achieved early.
Pepper prices are currently around 145,000 VND/kg. Experts warn that if the 140,000 VND/kg threshold is breached, it could trigger a sell-off leading to a sharp decline.
However, in reality, the amount of pepper left in the warehouses of large enterprises and traders is not much, and among the people is also less than every year. Enterprises are storing pepper to prevent the harvest from being late next year, while people hope that prices will continue to increase.
With competition from Indonesia's new pepper crop, the domestic market is forecast to show no signs of lasting improvement, as China continues to increase pepper purchases from Indonesia.
The main consumer markets are Europe and the United States, however, demand in these markets has not shown signs of recovery. This makes Vietnam's pepper export prices even more difficult.
Meanwhile, according to the Import-Export Department ( Ministry of Industry and Trade ), in the long term, pepper export prices will still be supported because Vietnam's pepper output in the 2025 crop is expected to decrease. It is expected that Vietnam's 2025 pepper crop will be harvested almost entirely in February, with some regions extending to March and April, 1-2 months later than previous years, due to the impact of prolonged drought, making pepper supply increasingly difficult.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,794 USD/ton, up 0.31%; the price of Brazilian black pepper ASTA 570 at 6,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,700 USD/ton.
Muntok white pepper price is 9,302 USD/ton, up 0.32%; Malaysian ASTA white pepper price is at 11,200 USD/ton.
Vietnamese black pepper price is trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price is at 9,500 USD/ton. IPC has continuously increased Indonesian pepper price slightly in recent days.
IPC commented that the pepper market continued to have mixed reactions this week. Domestic and international Indian pepper prices continued to be reported with a downward trend in the past 3 weeks. When the Indonesian Rupiah strengthened against the USD, it helped the country's pepper prices increase again.
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
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