Pepper price today, August 26, 2024, in the domestic market decreased slightly in most key localities, trading from 143,000 - 144,000 VND/kg.
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| Pepper price today August 26, 2024: Market down, businesses give opinions on putting pepper on the trading floor. (Source: Borneo Talk) |
Pepper price today, August 26, 2024, in the domestic market decreased slightly in most key localities, trading from 143,000 - 144,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (143,000 VND/kg); Dak Lak (144,000 VND/kg); Dak Nong (144,000 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (143,000 VND/kg).
Thus, after a stable day, domestic pepper prices today decreased slightly in most key localities, down 1,000 VND/kg; the only recorded increase of 1,000 VND/kg was in Binh Phuoc. The highest pepper price was at 144,000 VND/kg.
Last week, domestic pepper prices increased by an average of 4,000 - 5,000 VND/kg. During the week, the market had a series of 4 consecutive days of increase.
According to the Vietnam Pepper and Spice Association (VPSA), Vietnam's pepper output in 2024 is expected to reach about 170,000 tons. Meanwhile, for coffee, according to the Vietnam Coffee - Cocoa Association, the output in the 2023 - 2024 crop year is about 1.5 million tons, many times higher than that of pepper.
Similarly on a world scale, pepper output is about 465,000 tons while coffee is about 10.2 million tons.
Sharing this concern, at the VPSA conference, Mr. Ho Tri Nhuan, Director of Gohan Company, said that with the current pepper market situation, the absence of a trading floor is better than having one.
Without a commodity exchange, farmers, traders and exporters can decide on the buying and selling prices. But if there is an exchange, the “financial forces” can push businesses into an “extremely difficult” situation because the speculative nature of the funds is very large.
Globally, markets rose well last week under the impact of a sharp decline in the USD. The USD fell sharply when the US Federal Reserve sent a clear signal about interest rate cuts this year.
Regarding sea freight rates, they are decreasing by an average of 3-4% per week, reflecting a steady downward trend and are expected to continue in the coming time. This is a good opportunity for export enterprises to take advantage of lower transportation costs to boost business activities, expand markets and seek strong growth in the final months of the year.
The Import-Export Department (Ministry of Industry and Trade) informed that the global pepper supply will be supplemented when Indonesia enters the harvest season, starting from July to August. However, Brazil - the world's leading pepper exporting country is facing continuous crop failure due to drought. Signs of supply shortage compared to demand will continue to be recorded in the coming time.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,490 USD/ton, up 0.16%; the price of Brazilian black pepper ASTA 570 at 6,300 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,818 USD/ton, up 0.16%; Malaysian ASTA white pepper price is at 10,400 USD/ton.
Vietnam black pepper price is traded at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.
Summing up this week, IPC said the market continued to show mixed reactions, with only India and China recording declines.
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