| Pepper price forecast June 27, 2024: Domestic pepper prices continue to decrease, why? Pepper price forecast June 28, 2024: Pepper prices continue to increase vertically? |
Pepper price forecast for June 29, 2024 will reverse and decrease. The market suddenly reversed and decreased sharply after a series of stable days. Experts commented that the above price is a summary of the listed buying and selling prices of agents and import-export companies. In fact, with the current price reduction, the transaction volume on the market is not much.
This year, with low reserves, most farmers are holding on to their goods, in a context where they are not under financial pressure like in previous years. The sharp decline earlier this week may have been due to speculative factors from market participants. Agents who held on to farmers’ goods are now turning to squeeze prices.
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| Pepper price forecast June 29, 2024: Domestic pepper price drops sharply |
The recent decline is largely due to speculative activities of market participants, especially some agents who are receiving consignment goods from farmers, now turning to squeeze prices to force farmers to close their deals early.
Many organizations and industry experts assess that with major pepper growing countries such as Brazil, Indonesia, etc. all experiencing crop failures, Vietnamese pepper will dominate the world pepper price trend in the coming months.
In the domestic market, pepper prices today, June 28, 2024, in the Southeast region increased sharply by 7,000 - 10,000 VND/kg in some localities, trading around 159,000 VND/kg, the highest purchase price in Dak Nong, Dak Lak, Binh Phuoc provinces was 160,000 VND/kg.
Accordingly, Dak Lak pepper price is purchased at 160,000 VND/kg, an increase of 9,000 VND/kg. Chu Se pepper price (Gia Lai) is currently at 157,000 VND/kg, an increase of 7,000 VND/kg. Dak Nong pepper price today is recorded at 160,000 VND/kg, an increase of 10,000 VND/kg.
In the Southeast region, pepper prices today increased by 8,000 - 10,000 VND/kg. Specifically, in Ba Ria - Vung Tau, it was 158,000 VND/kg; in Binh Phuoc, pepper prices reached 160,000 VND/kg.
Domestic pepper price on June 28 , 2024
Province, city | Unit | Trader purchase price | Increase/decrease compared to yesterday |
Chu Se (Gia Lai) | VND/kg | 157,000 | +7,000 |
Dak Lak | VND/kg | 160,000 | +9,000 |
Dak Nong | VND/kg | 160,000 | +10,000 |
Binh Phuoc | VND/kg | 160,000 | +10,000 |
Ba Ria - Vung Tau | VND/kg | 158000 | +8,000 |
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,094 USD/ton, up 0.08%; the price of Brazilian black pepper ASTA 570 at 7,300 USD/ton, down 2.74%; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,033 USD/ton, up 0.09%; Malaysian ASTA white pepper price is at 8,800 USD/ton.
Vietnam's black pepper price is trading at 7,550 USD/ton for 500 g/l; 550 g/l at 8,150 USD/ton; white pepper price at 11,550 USD/ton. IPC sharply increased pepper prices in Indonesia; reduced pepper prices in Brazil; Vietnam's pepper export price remained the same as yesterday.
This year’s pepper harvest in Indonesia was delayed until August-September, later than usual, with a significant crop loss. At the same time, the harvest in Brazil was also delayed, expected to coincide with the Indonesian harvest, and output is estimated to be 10-20% lower than last year.
Therefore, customers around the world will focus on the cheapest available supply source, Vietnam, during the June - August period. This will make it difficult for Vietnamese pepper prices to fall sharply.
Data shows that demand for Vietnamese pepper from traditional customers is increasing strongly again.
According to the Vietnam Pepper and Spice Association (VPSA), in the first 5 months of the year, Vietnam exported a total of 114,424 tons of pepper of all kinds with a turnover of 493.1 million USD, down 13.2% in volume but up 20.6% in export turnover compared to the same period last year.
In particular, the US surpassed China to return to the leading position as Vietnam's largest pepper export market with a volume of 30,466 tons, accounting for 26.6% of market share and increasing by 44.4% over the same period.
Source: https://congthuong.vn/du-bao-gia-tieu-ngay-2962024-gia-tieu-trong-nuoc-lieu-co-giam-manh-328958.html
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