According to forecasts, pepper prices on October 24 may increase slightly due to increasing demand in major markets, while supply from some major producing countries is being affected by severe weather.
According to the general assessment, the market still recorded low transaction volume due to low supply. Cash flow poured into coffee trading in the context of the price of this agricultural product also increasing compared to last year.
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| Pepper price forecast on October 24, 2024: The market still records low trading volume due to low supply |
If by the end of October 2023, coffee prices fluctuated around 60,000 VND/kg and pepper was at 70,000 VND/kg, then after one year, both of these agricultural products would have doubled.
According to the General Department of Customs, the average export price of Vietnamese pepper in the first 15 days of October exceeded 6,500 USD/ton ($6,501/ton), up slightly by 0.7% compared to the previous month and up 67.6% compared to the same period last year. This is also the highest export price achieved in nearly 8 years, since March 2017.
Overall, from the beginning of the year until now, the average export price of pepper has increased by 50.1% over the same period, to 5,005 USD/ton.
As a result, although the export of this item from the beginning of the year to mid-October decreased by 2.5% in volume, the turnover still increased sharply by 46.4%, reaching 208,776 tons with a turnover of 1.04 billion USD.
In the domestic market, pepper prices today, October 23, 2024, in the Southeast region are stable compared to yesterday, trading around 144,000 - 145,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 145,000 VND/kg.
Accordingly, the price of Dak Lak pepper was purchased at 145,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 144,200 VND/kg, an increase of 200 VND/kg compared to yesterday. The price of Dak Nong pepper today was recorded at 145,000 VND/kg, stable compared to yesterday.
In the Southeast region, pepper prices today have not fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 144,000 VND/kg, stable compared to yesterday. In Ba Ria - Vung Tau, the price is currently at 144,000 VND/kg, also stagnant 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.
Of 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 recorded mild fluctuations last week, with increased demand in major markets such as the US, EU, and Asia, while the Middle East and China markets remained sluggish. The decline in global pepper inventories has prompted farmers and dealers to limit sales as prices show signs of a slight decline.
China has reportedly cut pepper imports from Vietnam by 84.1 percent, while increasing purchases from Indonesia. This has affected some Vietnamese exporters but at the same time created opportunities for other markets to expand.
* Information for reference only. Prices may vary depending on time and location.
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