Domestic pepper price today
Pepper prices today, August 1, 2024, in the Southeast region, remained unchanged compared to yesterday, trading around 148,000 - 149,000 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces was 149,000 VND/kg.
Specifically, the price of Dak Lak pepper was purchased at 149,000 VND/kg, which was stable compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 148,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 149,000 VND/kg, unchanged compared to yesterday.
In the Southeast region, pepper prices today have leveled off compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 149,000 VND/kg, remaining unchanged from yesterday; in Binh Phuoc, pepper prices today remain stable at 148,000 VND/kg compared to yesterday.
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| Pepper price today August 1, 2024: Pepper price will have strong fluctuations |
Thus, pepper prices today stagnated in some localities in key growing areas, recording the highest price of 149,000 VND, fluctuating in the price range of 148,000 - 149,000 VND/kg.
In July 2024, domestic pepper prices decreased by VND 5,000 - 6,000/kg. In June 2024, pepper prices increased by an average of VND 23,000 - 27,000/kg. July 2024 was also the first month of decrease after 3 consecutive months of increase.
Domestic pepper price on July 25 , 2024
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World pepper price today
Update on world pepper prices from the International Pepper Community (IPC), at this time, Indonesian black pepper prices increased compared to yesterday; Brazilian pepper prices decreased slightly, while Malaysian pepper prices remained unchanged. Vietnamese pepper prices listed today are stable.
At the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,150 USD/ton, up 0.17%, and the price of Muntok white pepper at 8,761 USD/ton, up 0.16%.
The price of Brazilian ASTA 570 black pepper was at USD 6,850/ton, down 1.45%. The price of Malaysian ASTA black pepper was also stable at USD 7,500/ton; the price of this country's ASTA white pepper reached USD 8,800/ton.
Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; white pepper prices at 8,800 USD/ton
According to the Report of the Vietnam Pepper and Spices Association (VPSA), the average domestic pepper price in July reached 150,000 VND/kg, an increase of 82.9% compared to January and an increase of 120.6% compared to the same period in 2023.
On average, in the first 6 months of 2024, black pepper export prices increased by 17.1% compared to the same period last year. Shortage of supply due to reduced harvest output in Vietnam and Brazil was the main reason for the increase in pepper prices in the past 3 months.
Ms. Hoang Thi Lien - President of VPSA commented that pepper prices will have unusual fluctuations such as on June 11, the price increased sharply by 20,000 VND/kg in the morning but then decreased sharply again in the afternoon.
She analyzed that pepper is increasingly being competed by durian and coffee. There is new planting area but not much, mainly intercropping pepper with coffee at a ratio of 6-2. The next crop's output may be equivalent or slightly higher than in 2024. There is not much inventory left among the people, the situation of pests and diseases still exists but is not significant.
Vietnam's pepper exports in the first 6 months of 2024 reached 142,500 tons compared to the 2024 harvest output of about 170,000 tons, the remaining output is estimated at about 28,000 tons.
The inventory from the 2023 crop carried over plus the import volume in 2024 of about 40 - 45 thousand tons (including informal imports) shows that the export source from August until the end of the year will be lower than every year and until March 2025 when the 2025 crop is expected to be harvested.
Experts say the market is in a saturated phase, with actual transactions not being much. One of the expected boosts is the sudden increase in purchasing power from the Chinese market that has yet to happen. In the first half of 2024, the amount of pepper imported from Vietnam to this market decreased sharply, reaching only 7,453 tons, down 85.2%.
This year, in China's main pepper producing region, crop failure is also worrying, with speculators hoarding goods. According to experts, it is likely that China and European traders are waiting for information and new shipments from the Indonesian harvest.
Commenting on the market in August 2024, experts predict that it will be more positive. The downward trend will end. Low supply in harvesting countries continues to be the driving force for the market to go up.
*Information for reference only. Prices may vary depending on time and location.
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