Sudden increase in altitude

Domestic pepper price today

Pepper price today December 6, 2024, domestic pepper price suddenly turned around and increased compared to yesterday December 5, 2024; average at 143,400 VND/kg, many localities increased.

Accordingly, pepper price today, December 6, 2024, in Ba Ria - Vung Tau province alone increased by 2,000 VND/kg; the remaining localities such as Gia Lai, Dak Lak, Binh Phuoc and Dak Nong all increased by 3,000 VND/kg compared to yesterday, December 5, 2024.

Specifically, the price of pepper in Gia Lai, Ba Ria - Vung Tau and Binh Phuoc is all at 143,000 VND/kg; the price of pepper in Dak Lak and Dak Nong is both at 144,000 VND/kg. The average price of pepper today, December 6, 2024, is at 143,400 VND/kg, a sharp increase of 2,800 VND/kg.

Pepper price today December 6, 2024 increased rapidly. Photo: Hoang Thien

Since the beginning of the week, pepper prices have dropped sharply. However, with low inventories and high export demand, pepper prices are expected to recover in the coming time. Farmers and businesses need to proactively adapt to market fluctuations to ensure economic efficiency.

Mr. Hoang Phuoc Binh, Permanent Vice President and General Secretary of the Chu Se - Gia Lai Pepper Association, said that the pepper growing area in this locality has decreased significantly in recent years due to many reasons, including the sharp drop in prices, causing difficulties for farmers and making them no longer interested in this crop.

Because pepper prices have been falling for a long time, acreage and output have decreased, leading to a shortage in supply compared to demand. The shortage of supply is one of the reasons why pepper prices have increased sharply in recent times. Many experts believe that pepper is entering a price increase cycle due to tight supply. However, the fact that the majority of goods are in the hands of a few agents and import-export companies may lead to significant fluctuations in the market in the coming time.

In addition, in November, due to concerns that pepper prices may continue to fall, many agents and export companies sold a large portion of their inventories to create cash flow for their coffee business.

However, coffee trading has been very slow due to the delayed harvest and difficulties in purchasing raw materials as farmers are actively stockpiling. Therefore, many dealers are forced to switch their capital to buying pepper for storage. This has led to the domestic pepper market becoming more vibrant with stronger demand to serve the year-end Tet holiday.

Meanwhile, many farmers, after selling coffee, immediately switched their cash flow to buying pepper for storage, because pepper can be preserved longer than coffee and pepper prices are still attractive for speculation, especially when the pepper market is forecast to enter a price increase cycle in the next 2-3 years.

In 2024, pepper prices doubled compared to the previous period, creating a great incentive for farmers to invest heavily in pepper. However, this crop also faces many challenges, including climate change, pests and diseases, competition with other crops, and high production costs.

Pepper price today 12/6/2024

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, the market was basically stable compared to the previous update, except for the Indonesian and Malaysian markets with slight fluctuations.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,684 USD/ton; up 0.4%; the price of Muntok white pepper at 9,123 USD/ton, up slightly 0.41%.

The price of Brazilian ASTA 570 black pepper was stable at 6,225 USD/ton; the price of Malaysian ASTA black pepper was at 8,200 USD/ton, down 1.22%; the price of this country's ASTA white pepper reached 10,400 USD/ton, down 0.96%.

Of which, the price of Vietnamese black pepper is stable at 6,200 USD/ton for 500 g/l, 550 g/l remains at 6,500 USD/ton; the price of white pepper is at 9,300 USD/ton, unchanged.

World pepper prices today, December 6, 2024, are basically stable. Photo: Le Son

According to Ms. Hoang Thi Lien, Chairwoman of the Vietnam Pepper and Spice Association (VPSA), in the last two months of 2024, Vietnam is expected to export 50,000 tons of pepper, earning about 300 million USD. Looking towards 2025, the pepper and spice industry will focus on supporting farmers, cooperatives and businesses to meet international standards on food quality and safety. This is part of a long-term strategy to increase product value, expand markets and enhance the position of Vietnamese pepper in the world market.

The recent fluctuations in pepper prices show the complexity and challenges that the Vietnamese pepper industry is facing. To adapt to market changes and ensure sustainable development, the industry needs comprehensive solutions, from improving product quality to diversifying markets and building brands.