Pepper prices today, August 24, 2024, in the domestic market continued to increase in key localities, trading from 144,000 - 145,000 VND/kg.
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| Pepper price today August 24, 2024: The market continues to increase, supply will be scarce in the next few years. (Source: AdobeStock) |
Pepper prices today, August 24, 2024, in the domestic market continued to increase in key localities, trading from 144,000 - 145,000 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 (145,000 VND/kg); Dak Nong (145,000 VND/kg); Ba Ria - Vung Tau (144,000 VND/kg) and Binh Phuoc (144,000 VND/kg).
Thus, following the previous day's increase, domestic pepper prices increased today in key localities, increasing by 1,000 - 2,000 VND/kg. This is the fourth consecutive day of increase in the market. The highest pepper price is at 145,000 VND/kg.
The Vietnam Pepper and Spice Association (VPSA) forecasts that pepper prices will continue to increase as global demand remains high while supply is limited. In the long term, in the next 3-5 years, pepper production will not be able to meet global demand.
Vietnam still has about 30% of pepper inventory, equivalent to 50,000 - 55,000 tons. According to VPSA, the output of the next pepper crop is likely to be the same or higher than in 2024. The amount of pepper inventory among farmers is not much, and although pests and diseases still exist, they are not too serious.
The Ministry of Industry and Trade is currently seeking opinions from businesses on the establishment of a Commodity Exchange and pepper will also be one of the traded commodities, said Ms. Hoang Thi Lien - Chairwoman of VPSA.
This is not a new idea, the proposal to establish a pepper trading floor was also proposed by VPA (predecessor of VPSA) 8 years ago (May 2016). The association believes that Vietnamese pepper has accounted for over 50% of the world's commercial output for many years and the establishment of a trading floor will help the industry gain more strength to develop the market and dominate the global pepper trade.
VPA added that pepper is a commodity that can be stored in warehouses for 2-3 years, so farmers know how to keep their goods and wait for a good price to sell, something that has never happened with other agricultural products. However, this mentality makes the pepper market unstable. That is also one of the main reasons for VPA to develop the idea of establishing a pepper trading floor.
In this draft of the Ministry of Industry and Trade, one of the general principles when building a Commodity Exchange is to enhance transparency, fairness and equality. Fraudulent acts, market manipulation, insider trading, abuse of monopoly position, and market dominance that negatively impact the relevant market are all prohibited or handled with the highest level of administrative sanctions.
Systems and rules for organizing the operation and participation in the futures market must be established and perfected by the entities to control, minimize and handle risks in the market, in order to limit excessive speculation and prevent systemic risks according to the provisions of law.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,478 USD/ton, down 0.79%; 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 8,804 USD/ton, down 0.8%; Malaysian ASTA white pepper price is at 10,400 USD/ton.
Vietnamese black pepper prices are trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper prices are at 8,500 USD/ton. IPC reduces Indonesian pepper prices after recent price increases.
Source: https://baoquocte.vn/gia-tieu-hom-nay-2482024-thi-truong-tiep-tuc-tang-con-khan-hiem-nguon-cung-trong-vai-nam-toi-283641.html
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