Pepper price today, November 11, 2024, in the domestic market increased in some key localities, trading from 139,000 - 141,200 VND/kg.
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| Pepper price today November 11, 2024: Market goes up, farmers participate more deeply in the process of deciding pepper prices. (Nguon Vieson) |
Pepper price today, November 11, 2024, in the domestic market increased in some key localities, trading from 139,000 - 141,200 VND/kg.
Specifically, pepper price today in Gia Lai is at 140,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (139,000 VND/kg); Dak Lak (141,000 VND/kg); Dak Nong (141,200 VND/kg); Ba Ria - Vung Tau (140,000 VND/kg) and Binh Phuoc (139,500 VND/kg).
Thus, domestic pepper prices today increased in most key growing areas, increasing by 1,000 - 2,200 VND/kg. The highest pepper price is at 141,200 VND/kg.
According to Dak Nong newspaper, Mr. Le Anh Son, Director of Binh Minh Cooperative in Ea Po commune, Cu Jut district, Dak Nong province, said that the pepper market has fluctuated strongly since the beginning of 2024. In 2023, pepper prices were at 65,000 - 70,000 VND/kg, but by 2024, they fluctuated at 140,000 - 150,000 VND/kg, at times reaching 160,000 VND/kg.
Vietnam's pepper is mainly exported and the reduced supply is the main reason for the high price. This year, businesses have had difficulty purchasing pepper due to reduced output.
Previously, most pepper farmers harvested, dried, and transported all products to agents or businesses for consignment or sale.
However, in recent years, farmers have focused on understanding market information and changing the way they sell. Farmers build warehouses to store pepper at home and only sell it when they need money.
Farmers have become more involved in the process of determining pepper prices. Farmers rarely consign, leading to the chain of purchasing systems from agents, businesses, and export units not having an accurate grasp of Vietnam's pepper output in general, and Dak Nong in particular. This is also a factor contributing to the increase in pepper prices.
The above changes are in line with the law of supply and demand of the market. This forces businesses, including pepper buyers and sellers, to change. If businesses continue to purchase pepper by signing fake contracts with exporters as before, they are at risk of running out of supply.
Updated from the International Pepper Association (IPC), at the end of last week, the price of Indonesian Lampung black pepper was listed at 6,706 USD/ton, a slight increase of 0.3% compared to the beginning of the week.
In contrast, Kuching Malaysia black pepper prices fell 1.2% last week to $8,400/ton. Similarly, Brazilian ASTA 570 black pepper prices also fell 1.6% to $6,300/ton.
Vietnam's export prices of 500 g/l and 550 g/l black pepper continued to move sideways in the range of 6,500 - 6,800 USD/ton.
At the same time of survey, the price of Indonesian Muntok white pepper increased by 0.6%, reaching 9,180 USD/ton.
Meanwhile, Malaysian white pepper prices fell sharply by 4.54% last week, down to $10,500/ton.
In Vietnam alone, white pepper prices continue to remain stable at 9,500 USD/ton.
In summary of last week, IPC commented that the pepper market in the first week of November had many mixed reactions. Domestic and international Indian pepper prices continued to be reported with an upward trend since last week. Both domestic and international Indonesian pepper prices were stable this week.
Source: https://baoquocte.vn/gia-tieu-hom-nay-11112024-thi-truong-di-len-nong-dan-tham-gia-sau-hon-vao-cong-doan-quyet-dinh-gia-ho-tieu-293313.html
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