Strong increase thanks to positive market outlook

Pepper price today, October 24, 2024, in the Southeast region increased sharply by 1,000 - 1,500 VND/kg compared to yesterday, trading around 145,000 - 146,500 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 146,500 VND/kg.

Accordingly, Dak Lak pepper price was purchased at 146,200 VND/kg, an increase of 1,200 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 145,200 VND/kg, an increase of 1,000 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at the highest level of 146,500 VND/kg, an increase of 1,500 VND/kg compared to yesterday.

Pepper price today October 24, 2024: Strong increase thanks to positive market outlook

In the Southeast region, pepper prices today fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 145,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 145,000 VND/kg, also an increase of 1,000 VND/kg compared to yesterday.

Thus, after a slight increase for one day, pepper prices today in key regions increased sharply compared to yesterday, recording the highest price at 146,500 VND, fluctuating in the price range of 145,000 - 146,500 VND/kg.

World pepper price today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,727 USD/ton, down 0.39% compared to yesterday, and the price of Muntok white pepper at 9,210 USD/ton, down 0.39% compared to yesterday.

Brazilian ASTA 570 black pepper prices increased to USD 6,400/ton. Malaysian ASTA black pepper prices remained stable at USD 8,700/ton; the country’s ASTA white pepper prices reached USD 11,200/ton.

Of which, the price of Vietnamese black pepper is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; the price of white pepper is at 9,500 USD/ton.

World pepper prices today only decreased in black pepper and Indonesian white pepper, the rest remained unchanged.

Looking at the upward outlook, buying power from China and the year-end festival season are expectations for the market. In addition, the forecast of Vietnam's harvest being delayed by 1 month next year also causes doubts for the market.

Recently, the world market has been supplemented with a large amount of pepper from Indonesia's harvest, and China has taken advantage of this source to buy a lot. However, after Indonesia's harvest, the supply has not been significantly supplemented until February next year. This is a great advantage for Vietnamese pepper before entering next year's harvest.

Brazil is currently the world’s second largest producer and exporter of black pepper after Vietnam, accounting for 17-18% of global supply. However, the country’s pepper exports are facing the risk of falling for the third consecutive year due to crop failure.

Domestic pepper price on October 24, 2024