Pepper price today, July 3, 2024, in the domestic market increased in key localities, trading from 155,000 - 157,000 VND/kg.
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| Pepper price today 7/3/2024, the reason for the price increase is that growers do not benefit much, the market is not attractive enough to sell massively. (Source: Times of India) |
Pepper price today, July 3, 2024, in the domestic market increased in key localities, trading from 155,000 - 157,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 156,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (155,000 VND/kg); Dak Lak (157,000 VND/kg); Dak Nong (157,000 VND/kg); Ba Ria - Vung Tau (157,000 VND/kg) and Binh Phuoc (157,000 VND/kg).
Thus, domestic pepper prices increased in key localities today, by 2,000 - 3,000 VND/kg. The highest pepper price was recorded at 157,000 VND/kg.
Since the beginning of the year, the price of Vietnamese pepper has been on a strong upward trend, especially in the first half of June. The price increased sharply when it peaked at 180,000 VND/kg on June 12. Many people expected that pepper would return to its golden age.
However, after reaching the peak, pepper prices have decreased and changed continuously, fluctuating around 140,000 - 160,000 VND/kg, but are still considered a record high in the past 8 years. The high pepper prices make people very excited and more secure to take care of their pepper gardens.
According to many farmers in pepper growing areas, although prices have increased, growers have not benefited much because most of the old pepper gardens have been replaced by durian and some other crops with higher economic value. On the other hand, due to the impact of climate change, pepper productivity has decreased sharply in recent years, averaging 20-30%.
Industry experts believe that pepper prices will continue to increase, although there may be some short-term adjustments, but they will not be too deep and the market has formed a new price level. However, the current pepper price is still not attractive enough for people to sell massively, because durian and coffee are at very good prices, helping farmers have enough financial capacity to store pepper. Even when prices are rising as high as now, they still choose to sell "drop by drop" to test the market.
In the long term, in the next 3-5 years, the amount of pepper produced cannot meet the world's consumption demand. Ptexim Corp's market update report last week stated that the amount of pepper supplied to the market is not much. Transportation costs continue to increase rapidly and are forecast to remain high until 2025.
Rising raw material prices, coupled with longer than usual shipping times, have affected the cash flows of most manufacturers and exporters. Liquidity in the domestic market has been very low at times.
However, this unit also said that there are still signs that the market will develop sustainably in the coming time, especially in the fourth quarter of 2024 and the first quarter of 2025.
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 7,123 USD/ton, up 0.24%; 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 9,069 USD/ton, up 0.23%; Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam black pepper price is trading at 6,500 USD/ton for 500 g/l; 550 g/l at 7,000 USD/ton; white pepper price is at 9,500 USD/ton. IPC slightly increased pepper price in Indonesia at the beginning of this week.
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