| Pepper price forecast October 21, 2024: Optimistic signs for Vietnam's pepper industry Pepper price forecast October 22, 2024: Will the uptrend continue? |
According to forecasts, pepper prices on October 23 may continue to remain high in the domestic and world markets, thanks to stable export demand and limited supply.
With Vietnam's average pepper export price in the first half of October exceeding 6,500 USD/ton, the highest price in nearly 8 years, experts believe that the price stability trend will continue.
In the world market, pepper prices today, October 22, 2024, fluctuated little. According to the International Pepper Association (IPC), the pepper market this week showed a negative outlook. Even though Indian pepper prices are currently being positively evaluated, they have stagnated this week. Meanwhile, Indonesian and Brazilian pepper prices have been announced to be adjusted down continuously.
Meanwhile, the domestic market is stable. Pepper prices today increased by 500 - 1,000 VND/kg compared to the same time yesterday. 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 23: Maintained at high level thanks to stable export |
At the end of October 2023, coffee prices fluctuated around 60,000 VND/kg; pepper was at 70,000 VND/kg. After one year, both agricultural products doubled.
With the current higher price level than previous years, along with the assessment that Vietnam's pepper exports will continue to receive price support in the coming time, farmers in localities across the country tend to replant this once-famous "black gold" crop. Accordingly, many farming households with old pepper gardens have boldly invested in new planting or expanding the area compared to before.
In the domestic market, pepper prices today, October 22, 2024, in the Southeast region increased slightly by 500-1,000 VND/kg compared to yesterday, trading around 144,000 -145,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 145,000 VND/kg.
Accordingly, Dak Lak pepper price is purchased at 145,000 VND/kg, an increase of 500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 144,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. Dak Nong pepper price today is recorded at 145,000 VND/kg, an increase of 500 VND/kg compared to yesterday.
In the Southeast region, pepper prices today increased slightly compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 144,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 144,000 VND/kg, an increase of 500 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 Lampung black pepper in Indonesia at 6,795 USD/ton, up 0.01% compared to yesterday, and the price of Muntok white pepper at 9,302 USD/ton.
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.
Vietnam 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.
In Vietnam, the export price of 500 g/l black pepper is trading at 6,500 USD/ton; and 550 g/l is at 6,800 USD/ton. The export price of white pepper is at 9,500 USD/ton.
The Import-Export Department (Ministry of Industry and Trade) forecasts that pepper export prices will continue to be supported by limited supply, while demand in the international market remains high. Vietnam's 2025 pepper crop is expected to be harvested later due to the impact of prolonged drought. This will reduce the expected output, thereby keeping pepper prices high.
The 2025 pepper harvest will begin in February and last through March and April, later than in previous years. With these factors, pepper prices are likely to remain high in the coming time.
* Information for reference only. Prices may vary depending on time and location.
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