Skyrocketing, is a new peak set?

Pepper prices are forecast to skyrocket on August 18, 2024. Chairwoman of the Vietnam Pepper and Spices Association (VPSA), Ms. Hoang Thi Lien, said that the world's demand for pepper is increasing and the EU region is still a large consumer market for Vietnamese pepper. In addition, the pepper processing capacity of Vietnamese enterprises is very large, reaching 140,000 tons/year, which is an opportunity to help the Vietnamese pepper industry develop in the coming time.

VPSA prioritizes maintaining the pepper acreage, focusing on solutions to improve quality, diversifying processed products with high added value. Accordingly, it is necessary to advise and guide farmers to comply with international standards, especially on chemical residues, implement cultivation processes, prevent pests, and process and preserve them in accordance with the climatic conditions of each region.

Meanwhile, pepper price today, August 17, 2024, in the Southeast region decreased by 2,000 - 2,500 VND/kg in some localities compared to yesterday, trading around 136,000 - 137,000 VND/kg, the highest purchase price in Dak Lak province is 137,000 VND/kg.

Pepper price forecast for August 18, 2024: Skyrocketing, will a new peak be established?. Illustrative photo

Specifically, Dak Lak pepper price was purchased at 137,000 VND/kg, down 2,000 VND compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 136,500 VND/kg, down 2,500 VND compared to yesterday. Dak Nong pepper price today was recorded at 136,500 VND/kg, down 2,500 VND/kg compared to yesterday.

In the Southeast region, pepper prices today decreased by VND 2,500/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at VND 136,000/kg, down VND 2,500/kg compared to yesterday; in Binh Phuoc, pepper prices today are at VND 136,000/kg, down VND 2,500/kg compared to yesterday.

Domestic pepper price on August 17, 2024

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 7,412 USD/ton, down 0.19%, and the price of Muntok white pepper at 8,728 USD/ton, down 0.18%.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,175/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnamese black pepper prices remain high at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper prices at 8,500 USD/ton.

IPC commented that the pepper market continued to have mixed reactions this week. After being reported with an upward trend in the past 2 weeks, domestic and international Indian pepper prices were stable this week. Only Indonesian black pepper continued to be recorded to increase since last week.

Meanwhile, the latest market report last week (August 5-11, 2024) of the International Pepper Community said that domestic and export prices of pepper from India and Sri Lanka recorded in the past 2 weeks.

In Southeast Asia, as the Indonesian Rupiah gained 1% against the USD (IDR 16,061/USD), both domestic and international pepper prices increased last week.

Both domestic and export pepper prices in Malaysia have recorded increases in the past two weeks, partly due to the impact of the Malaysian Ringgit strengthening by 3% against the USD (MYR 4.47/USD), as some farmers in the country have started harvesting.

After 2 weeks of stability, domestic and export pepper prices in Vietnam recorded a decrease last week. Brazilian black pepper prices recorded a decrease since last week. Meanwhile, Cambodian black pepper and Chinese white pepper prices were stable and unchanged. Meanwhile, pepper prices in the US market recorded a downward trend from producing countries.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1882024-tang-vun-vut-dinh-moi-co-duoc-thiet-lap-339733.html