Vietnamese pepper export price increases sharply, identifying the reason for high market cap

Pepper price today October 9, 2024 in the domestic market decreased slightly in some key localities, trading from 146,000 - 147,000 VND/kg.

Pepper price today October 9, 2024: Vietnamese pepper export price increased sharply, identifying the reason for the high market anchor. (Source: MC)

Pepper price today October 9, 2024 in the domestic market decreased slightly in some key localities, trading from 146,000 - 147,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 146,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (146,000 VND/kg); Dak Lak (147,000 VND/kg); Dak Nong (147,000 VND/kg); Ba Ria - Vung Tau (146,500 VND/kg) and Binh Phuoc (147,000 VND/kg).

Thus, after a day of sideways movement, domestic pepper prices today decreased slightly by 500 VND/kg in some key growing areas. The highest pepper price is at 147,500 VND/kg.

According to the General Statistics Office, Vietnam's pepper exports in September were estimated at 17,707 tons, worth 110.5 million USD, down 8.8% in volume and 5.4% in value compared to the previous month. In the first 9 months of the year, pepper exports reached 200,637 tons, worth nearly 990 million USD, down 2.6% in volume but up sharply 45% in value compared to the same period last year thanks to high prices.

The average export price of pepper in the first 9 months of the year reached 4,933 USD/ton, up 49.2% over the same period last year. In September alone, the export price of pepper increased to the highest level in nearly 8 years with an average of 6,239 USD/ton, up 3.8% over the previous month and up 67.5% over the same period last year.

The increase in pepper prices is a common picture of the global pepper market due to reduced supply due to unusual weather and the possible involvement of speculators in pushing prices up, according to some experts and businesses.

According to Nedspice, Vietnam's processed pepper exports increased by more than 50% compared to last year. Of which, whole black pepper exports increased slightly due to the absence of Chinese suppliers in the market. This resulted in higher prices.

Many agricultural companies, agents and intermediaries in Vietnam are actively selling black pepper, said Marcellus Giovanni, CEO of Brazspice Spices International. This activity is mainly driven by liquidity needs, as sellers seek to raise capital to invest in coffee, an agricultural product that is in the harvest season.

Coffee prices are high due to reduced production and increased global demand, making coffee the more profitable option at the moment.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,702 USD/ton, down 1.19%; the price of Brazilian black pepper ASTA 570 at 6,850 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,900 USD/ton.

Muntok white pepper price is 8,961 USD/ton, down 1.19%; Malaysian ASTA white pepper price is at 11,400 USD/ton.

Vietnamese black pepper prices are 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 sharply reduced Indonesian pepper prices at the beginning of the week.

Source: https://baoquocte.vn/gia-tieu-hom-nay-9102024-tieu-viet-xuat-khau-tang-gia-manh-nhan-dinh-ly-do-day-thi-truong-neo-cao-289331.html