Continuing the downward trend, identifying factors that can help the market not 'break through the important milestone'

Pepper prices today, October 29, 2024, in the domestic market continued to decline in some key localities, trading from 142,000 - 143,500 VND/kg.

Pepper price today October 29, 2024: Continuing to plummet, identifying factors that can help the market not 'break the important milestone'. (Source: Pixabay)

Pepper prices today, October 29, 2024, in the domestic market continued to decline in some key localities, trading from 142,000 - 143,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 142,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (142,000 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 (142,000 VND/kg).

Thus, continuing the downward trend, domestic pepper prices today fell sharply in some key growing areas, down 2,000 VND/kg. This is the third consecutive day of decline in the market. The highest pepper price is at 143,500 VND/kg.

Pepper prices continued to decline in the early sessions of this week as cash flow shifted to coffee trading. It is now the beginning of the coffee season and the price of this commodity has doubled compared to last year. Therefore, traders and agents need more capital. Some have chosen to sell off pepper in stock to import goods, while demand has not improved, causing pepper prices to decrease.

Commenting on the market this week, experts said that the downward trend will continue. However, the flood circulation after storm Tra Mi may affect pepper gardens, causing concerns about the impact on next year's crop output. This could be a factor that promotes or at least helps balance the market, so that it does not fall below the important mark of 140,000 VND/kg.

Ms. Hoang Thi Lien - President of the Vietnam Pepper and Spices Association (VPSA) said that 2024 will mark a breakthrough in exports to markets within the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) thanks to advantages from FTA agreements.

The global pepper market was volatile last week, with demand increasing in major markets such as the US, EU and Asia, while the Middle East and China remained quiet. Inventory levels have fallen significantly, causing farmers and dealers to limit sales as pepper prices eased slightly.

The unstable global economic situation is negatively affecting the global demand for pepper. Rising inflation and the risk of economic recession in many countries are causing consumers to tighten their spending, reducing the demand for non-essential items such as pepper.

In the short term, the pepper market is expected to continue to face many fluctuations. Pepper prices may remain stable or decrease slightly due to limited supply and no signs of strong recovery in demand. However, in the long term, when the world economy is more stable and climate change adaptation solutions are effectively implemented, the pepper market may recover and develop again.

Source: https://baoquocte.vn/gia-tieu-hom-nay-29102024-tiep-da-lao-doc-nhan-dinh-yeu-to-co-the-giup-thi-truong-khong-thung-moc-quan-trong-291674.html