Bullish cycle to continue, 'unbelievable' highs predicted

Pepper price today, August 27, 2024, in the domestic market remained stable in key localities, trading from 143,000 - 144,000 VND/kg.

Pepper price today August 27, 2024: The price increase cycle will continue, forecasting an 'unbelievable' high mark. (Source: ElmarSpices)

Pepper price today, August 27, 2024, in the domestic market remained stable in key localities, trading from 143,000 - 144,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (143,000 VND/kg); Dak Lak (144,000 VND/kg); Dak Nong (144,000 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (143,000 VND/kg).

Thus, after a slight decrease for one day, domestic pepper prices today remained stable in most key localities. The highest pepper price was at 144,000 VND/kg.

On the world level, the International Pepper Community (IPC) said that the market last week continued to show mixed reactions, with only India and China recording decreases.

As of the first half of August 2024, Vietnam's pepper exports reached about 175,000 tons, officially surpassing the output of 170,000 tons of this year's harvest.

According to Industry and Trade , commenting on the market from now until the end of the year, Mr. Hoang Phuoc Binh - Permanent Vice President of the Chu Se Pepper Association (Gia Lai province) informed the press, predicting that the price increase cycle will continue. Because if the next pepper crop, even if it is a little better than the last crop, it will not be able to make up for the pepper acreage that has been lost in the past and is still being lost.

Mr. Binh said that we are at the end of the inventory of previous years. Enterprises shared that out of 10 tons of pepper they bought, about 3-4 tons of pepper were old goods, stored for 2-3 years.

Thus, if the stock runs out, pepper will be in serious shortage. That means the supply shortage is almost certain. "The upcoming pepper price increase cycle is forecast to last. It is forecasted that pepper prices will not only increase to 300,000 - 400,000 VND/kg but may even increase further," said the Standing Vice President of the Chu Se Pepper Association.

Regarding pepper prices this week, experts expect the upward trend to continue. With a few days left until the National Day holiday, the buying pressure is expected to help pepper prices recover to the level of early August 2024.

Meanwhile, recently, businesses said that if pepper is put on the stock exchange, this item will be easily manipulated by financial funds because the output is still low compared to other items, such as coffee.

The Ministry of Industry and Trade is currently seeking opinions from businesses on the establishment of a Commodity Exchange and pepper will also be one of the traded commodities, said Ms. Hoang Thi Lien - Chairwoman of the Pepper and Spice Association (VPSA).

Source: https://baoquocte.vn/gia-tieu-hom-nay-2782024-chu-ky-tang-gia-se-keo-dai-du-bao-moc-cao-ngoai-tuong-tuong-283943.html