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| Pepper price today November 17, 2024: Market is struggling, global output is decreasing, Vietnamese pepper still has its own advantages. (Source: Food and Wine) |
Pepper prices today, November 17, 2024, in the domestic market increased slightly in some key localities, trading from 138,000 - 139,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 138,500 VND/kg.
Pepper prices today in the provinces of Dong Nai (138,000 VND/kg); Dak Lak (139,000 VND/kg); Dak Nong (139,000 VND/kg); Ba Ria - Vung Tau (138,500 VND/kg) and Binh Phuoc (138,000 VND/kg).
Thus, domestic pepper prices today increased slightly in most key growing areas, increasing by 500 - 1,000 VND/kg. The highest pepper price is at 139,000 VND/kg.
Since the beginning of the week, the market has been fluctuating, with a slight decrease in the context of money flowing into coffee trading. The recent strong increase in the US dollar is also a factor holding back pepper prices in other countries. However, according to the assessment, Vietnamese pepper still has its own advantages.
The Center for Industry and Trade Information - Ministry of Industry and Trade (VITIC) commented that the decrease in output could push pepper prices to exceed 160,000 VND/kg.
After Indonesia’s most recent harvest, the world’s pepper supply will not be significantly replenished until February 2025, contributing to supporting Vietnam’s new harvest. Not to mention that next year’s harvest may be delayed due to weather problems.
Recently, local press reported that due to the impact of unfavorable weather, many pepper flowers have fallen, causing low fruit set rate and high risk of crop failure. Many farmers are worried because pepper prices are currently high, but profits may decrease sharply.
Pepper is a sensitive plant, easily affected by erratic weather, so crop failure often occurs. This year, the rains came late, the hot and dry weather and low humidity are not favorable for pepper flowering.
Last week, domestic pepper prices fell to VND135,000/kg for the first time in many months due to the strong increase in the US dollar after the US presidential election. However, prices recovered soon after and stabilized around VND140,000/kg.
In the domestic market, pepper prices are under pressure due to slowing demand. Many sellers are also trying to raise capital to invest in coffee, an agricultural product that is in harvest season. However, limited pepper supply has helped prices remain high, up more than 70% compared to the beginning of the year and double compared to the same period last year.
According to experts, in the coming time, domestic pepper prices may find it difficult to exceed the 150,000 VND/kg mark. The main reason is the increase in the value of the USD and fluctuations in the international market.
The appreciation of the US dollar not only makes domestic production costs higher but also poses exchange rate risks for importing enterprises. Meanwhile, exporting enterprises may benefit in the short term, but profits are expected to gradually decrease in the medium and long term.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,476 USD/ton; the price of Brazilian black pepper ASTA 570 at 6,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,400 USD/ton.
Muntok white pepper price is 9,063 USD/ton; ASTA Malaysian white pepper price is at 10,500 USD/ton.
Vietnam black pepper price is traded at 6,200 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper price at 9,400 USD/ton.
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