According to forecasts, pepper prices on October 25 tend to increase sharply again in key regions. According to experts, the increase in domestic prices is mainly due to high consumption demand, especially in export markets such as the EU, the US and China. Stable weather conditions in major pepper growing areas such as the Central Highlands and the Southeast have created favorable conditions for high pepper production and harvesting.
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| Pepper price forecast October 25: Pepper market will face many fluctuations |
In the domestic market, pepper prices 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 was 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.
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.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Indonesian Lampung black pepper at 6,753 USD/ton, down 0.62% compared to yesterday, and the price of Muntok white pepper at 9,246 USD/ton, down 0.61% 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.
In 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.
The global pepper market saw little change last week, with demand picking up in major markets such as the US, EU and Asia, while the Middle East and China remained subdued. Inventory levels have fallen significantly, prompting farmers and dealers to limit sales as pepper prices eased slightly.
The unstable global economic situation is negatively affecting the global demand for pepper. Rising inflation and the risk of economic recession in many countries are causing consumers to tighten their spending, reducing the demand for non-essential items such as pepper.
In the short term, the pepper market is expected to continue to face many fluctuations. Pepper prices may remain stable or decrease slightly due to limited supply and no signs of strong recovery in demand. However, in the long term, when the world economy is more stable and climate change adaptation solutions are effectively implemented, the pepper market may recover and develop again.
* Information for reference only. Prices may vary depending on time and location.
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