Pepper prices today, October 28, 2024, in the domestic market continued to decrease slightly in some key localities, trading from 144,000 - 145,500 VND/kg.
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| Pepper price today October 28, 2024: The market continues to face many fluctuations, Vietnamese pepper exports to China decrease sharply. (Source: MC) |
Pepper prices today, October 28, 2024, in the domestic market continued to decrease slightly in some key localities, trading from 144,000 - 145,500 VND/kg.
Specifically, pepper price today in Gia Lai is at 144,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (144,000 VND/kg); Dak Lak (145,500 VND/kg); Dak Nong (145,500 VND/kg); Ba Ria - Vung Tau (145,000 VND/kg) and Binh Phuoc (144,000 VND/kg).
Thus, continuing the downward trend, domestic pepper prices today decreased slightly in some key growing areas, with a decrease of 500 - 1,000 VND/kg. This is the second consecutive day of decline in the market. The highest pepper price is at 145,500 VND/kg.
According to the Center for Industry and Trade Information - Ministry of Industry and Trade, the unstable global economic situation is negatively affecting the demand for pepper consumption in many countries. 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 economic situation is more stable and climate change adaptation solutions are effectively implemented, the pepper market will likely recover and develop again.
By the end of the third quarter, pepper exports from Vietnam and Brazil – the world’s two leading producing countries – recorded a decrease of 2.8% and 15.3% respectively compared to the same period last year, down to 200,268 tons and 49,366 tons.
In addition to the reduction in output due to unfavorable weather, pepper exports from Vietnam and Brazil are also affected by mixed fluctuations in demand from major consumer markets.
For example, in Vietnam, in the first 9 months of this year, Vietnam's pepper exports to most markets recorded a sharp increase, but China - the largest consumer market last year - decreased sharply by 84.1%, reaching only 8,905 tons.
So far, Chinese demand has been weak, with the country buying only a limited amount of pepper. Some traders say the slowing growth of the Chinese economy could be the reason for this.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,724 USD/ton, down 0.22%; the price of Brazilian black pepper ASTA 570 at 6,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 9,205 USD/ton, down 0.23%; Malaysian ASTA white pepper price is at 11,000 USD/ton.
Vietnamese black pepper price is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price at 9,500 USD/ton. IPC adjusts down Indonesian pepper price.
IPC said that this week's pepper market showed a rather negative outlook as most countries reported a decrease.
Source: https://baoquocte.vn/gia-tieu-hom-nay-28102024-thi-truong-tiep-tuc-doi-mat-nhieu-bien-dong-xuat-khau-tieu-viet-sang-trung-quoc-giam-sau-291618.html
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