The uptrend continues, new price direction?

Pepper prices are forecast to continue to increase sharply on July 8, 2024. The domestic market is recovering with 2 consecutive days of increase. Pepper export prices in June 2024 increased sharply, export output is decreasing due to limited supply. In fact, over the past 6 months, pepper prices in the domestic market have been on a strong upward trend. At the beginning of this year, pepper prices fluctuated at only 80,000-82,000 VND/kg, then prices increased day by day. In particular, in the first half of June, the price of this type of grain increased dramatically, reaching a peak of 180,000 VND/kg on June 12 - a record high since 2016. In recent days, pepper prices have fluctuated between 145,000-150,000 VND/kg.

Since the price peaked at VND180,000/kg, the market has seen three sharp declines. Then it gradually recovered and then declined again. Experts say that in the medium and long term, the upward trend is solid, but during this period, speculative factors are dominating the market. Recently, there has been a phenomenon of some agents receiving goods from farmers "forcing" prices to push the market down.

One of the main reasons for the recent increase in pepper prices is limited supply worldwide.

In the long term, in the next 3-5 years, the amount of pepper produced cannot meet the world's consumption needs.

In addition, China's return to purchasing also had a strong impact on pepper prices. Meanwhile, businesses said that despite the high prices, it was still difficult to purchase raw materials because pepper growers expected prices to continue to increase.

Pepper price forecast on July 8, 2024: The uptrend continues, heading towards a new price zone

In the domestic market, pepper prices today, July 7, 2024, in the Southeast region increased from 1,000 - 3,000 VND/kg in some localities, trading around 150,000 - 151,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 151,000 VND/kg.

Specifically, Dak Lak pepper price is purchased at 151,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday's price. Chu Se pepper price (Gia Lai) is currently at 150,000 VND/kg, an increase of 2,000 VND/kg compared to yesterday. Dak Nong pepper price today is recorded at 151,000 VND/kg, an increase of 2,000 VND/kg.

In the Southeast region, pepper prices today increased by 2,000-3,000 VND/kg. Specifically, in Ba Ria - Vung Tau, it increased by 2,000 VND to 150,000 VND/kg; in Binh Phuoc, it increased by 3,000 VND/kg, pepper prices were at 150,000 VND/kg.

In the world market, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,142 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,250 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.

Muntok white pepper price is 9,093 USD/ton; Malaysian ASTA white pepper price is at 8,800 USD/ton.

Vietnam black pepper price is traded at 6,000 USD/ton for 500 g/l; 550 g/l at 6,600 USD/ton; white pepper price at 8,800 USD/ton.

Domestic pepper price on July 7 , 2024

Province, city	Unit	Trader purchase price	Increase/decrease compared to yesterday
Chu Se (Gia Lai)	VND/kg	150,000	+2,000
­­ Dak Lak	VND/kg	151,000	+1,000
Dak Nong	VND/kg	151,000	+2,000
Binh Phuoc	VND/kg	150,000	+3,000
Ba Ria - Vung Tau	VND/kg	150,000	+2,000

Vietnam Pepper and Spice Association informed that in June 2024, Vietnam exported 28,162 tons of pepper of all kinds, black pepper reached 24,988 tons, white pepper reached 3,174 tons. Total export turnover reached 141.1 million USD, black pepper reached 122.2 million USD, white pepper reached 18.9 million USD.

Compared to the previous month, export volume decreased by 10.2%, but turnover increased slightly by 0.1%. The average export price of black pepper in June reached 5,067 USD/ton, white pepper reached 6,922 USD/ton, up 11.5% for black pepper and 13.4% for white pepper compared to the previous month.

Pepper exports to the US continued to account for the largest proportion in June, reaching 6,969 tons, down 9.4% compared to May. Next were the UAE markets: 2,749 tons, China: 2,582 tons, Germany: 1,994 tons, India: 1,240 tons...

Phuc Sinh rose to become the leading exporting enterprise in June, increasing by 43.4% compared to May, reaching 3,688 tons, which is also the highest export volume in a month of an enterprise since the beginning of the year. Next are the enterprises: Olam Vietnam: 2,516 tons, Haprosimex JSC: 1,941 tons, Simexco Dak Lak: 1,630 tons, Nedspice Vietnam: 1,600 tons...

On the other hand, in June 2024, Vietnam imported 1,950 tons, of which black pepper reached 1,134 tons and white pepper reached 816 tons, with a total import turnover of 8.5 million USD, compared to the previous month, the import volume decreased by 48.5%.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-872024-da-tang-van-tiep-dien-huong-vung-gia-moi-330623.html