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| Pepper price today December 30, 2023, suddenly turned around, selling pressure put pressure on the market, speculators are still 'waiting and waiting'. (Source: Getty) |
Pepper prices today, December 30, 2023, in the domestic market suddenly turned down sharply in some key localities, trading from 81,000 - 83,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 81,000 VND/kg.
Pepper prices today in Dong Nai province (81,000 VND/kg); Dak Nong, Dak Lak (83,000 VND/kg); Ba Ria - Vung Tau (81,500 VND/kg) and Binh Phuoc (83,000 VND/kg).
Thus, domestically, the market turned to decrease sharply from 1,000 - 2,000 VND/kg in key localities, after recording 4 consecutive days of price increase. The highest pepper price was recorded in Binh Phuoc, Dak Nong and Dak Lak provinces at 85,000 VND/kg.
Thus, in the past month, the market has decreased twice right after conquering the 85,000 VND/kg mark. The previous time, the decrease brought the market to below 80,000 VND/kg and then rebounded.
The reason is that the demand for purchasing for export activities has decreased as the market enters the 2024 New Year holiday period. In addition, the high price increase in recent times has stimulated farmers to sell more, putting pressure on pepper prices.
Experts say that this decline in the market will be more difficult to recover, because some areas have started the pepper harvest. Speculators are still listening to the market, calculating based on this year's production forecast.
Commenting on pepper prices in the penultimate week of 2023, the International Pepper Community (IPC) said that the market continued to show mixed reactions as Indian and Sri Lankan pepper prices recorded a decrease.
Specifically, after 2 weeks of stability, Indian pepper prices recorded a decrease last week. Domestic pepper prices in Sri Lanka also decreased similarly.
In Southeast Asia, both domestic and international pepper prices from Indonesia were stable last week.
Domestic and export pepper prices in Malaysia remained stable and unchanged. While only Vietnam’s black pepper export prices remained stable, other types continued to record increases over the past three weeks.
It is noted that high inflation and interest rates have caused export orders to the US market and many markets in Europe to decline.
The US fell to second place in Vietnam's pepper export market in the first 11 months of 2023 with a volume of 48,783 tons, down 6.1% and accounting for 20% of the market share.
Pepper exports to many other major markets also decreased, such as the UAE (down 23.3%), Germany (down 7.7%), the Netherlands (down 14.6%)...
However, the positive point is that demand from these major markets is showing signs of recovery. In November alone, pepper exports to the US market reached 5,528 tons, up 65.5% over the same period last year and the highest level since the beginning of the year.
The European market increased by 26.7% to 4,502 tons, the highest in the past 6 months. In addition, the amount of pepper exported to India, UAE, Philippines... also increased. The above growth rates have offset the decline from the Chinese market in recent months.
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