Pepper prices today, July 1, 2024, in the domestic market suddenly increased in key localities, trading from 153,000 - 157,000 VND/kg.
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| Pepper price today 1/7/2024, the reason why domestic prices increased dramatically and then decreased sharply, the market formed a new price level. (Source: Times of India) |
Pepper prices today, July 1, 2024, in the domestic market suddenly increased in key localities, trading from 153,000 - 157,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 153,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (153,000 VND/kg); Dak Lak (155,000 VND/kg); Dak Nong (157,000 VND/kg); Ba Ria - Vung Tau (154,000 VND/kg) and Binh Phuoc (155,000 VND/kg).
Thus, domestic pepper prices today unexpectedly increased in key localities, increasing by 2,000 - 3,000 VND/kg. The highest pepper price was recorded at 157,000 VND/kg.
In summary, last week, domestic pepper prices decreased by an average of 4,000 - 5,000 VND/kg, fluctuated strongly, increased sharply and then decreased sharply. The reason was that when pepper prices were too high, a number of businesses exporting this item temporarily stopped buying. This was a move to rebalance the pepper market that was being "speculated".
According to the Vietnam Pepper and Spice Association (VPSA), in the short term, pepper prices may have some downward adjustments, but they will not be too deep, it is unlikely to return to the low price level as before and the market has formed a new price level.
According to statistics from the Ministry of Agriculture and Rural Development, in 2020, the total pepper growing area nationwide was more than 130,000 hectares, but by 2023, this area had decreased to 120,000 hectares with an output of 190,000 tons. In 2024, pepper output is estimated to be only about 170,000 tons, the lowest level in the past 5 years.
In May, Vietnam's pepper exports to major consumer markets such as the US, Germany, India, etc. decreased compared to the previous month, while growth was recorded in the United Arab Emirates (UAE), the Netherlands, Pakistan, South Korea, etc.
Notably, pepper exports to China are showing signs of recovery in May with a volume of 3,137 tons, 4.8 times higher than the previous month and the highest level achieved in the past 11 months.
According to VPSA, China's demand for pepper imports in the first months of the year was low due to remaining inventories from last year. However, there are signs that China will enter the market in the second quarter, first with white pepper and then with black pepper.
Last year, China was the largest market for Vietnamese pepper with an import volume of more than 60,000 tons.
However, in the first 5 months of the year, pepper exports to the Chinese market still decreased sharply by 89.4% compared to the same period last year, reaching only 4,871 tons. China's market share in Vietnam's total pepper exports also decreased from 35.1% to 4.5%.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,106 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,300 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,048 USD/ton; Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam black pepper price is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 7,000 USD/ton; white pepper price at 9,500 USD/ton.
Source: https://baoquocte.vn/gia-tieu-hom-nay-172024-nguyen-nhan-gia-noi-dia-tang-soc-roi-lai-giam-sau-thi-truong-dinh-hinh-mat-bang-gia-moi-276958.html
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