According to forecasts, pepper prices on October 28 continued to decrease in key regions. According to experts, domestic pepper prices are likely to continue to decrease early next week due to the unstable global economic situation, which is negatively affecting the demand for pepper 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.
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| Pepper price forecast October 28, 2024: The market will continue to face many fluctuations |
In the domestic market, pepper prices today, October 27, 2024, in the Southeast region decreased by 500 - 1,000 VND/kg compared to yesterday, trading around 144,000 - 145,500 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces is 145,500 VND/kg.
Accordingly, Dak Lak pepper price was purchased at 145,500 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 144,000 VND/kg, down 500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at the highest level of 145,500 VND/kg, down 500 VND/kg compared to yesterday.
In Binh Phuoc, pepper price today is 144,000 VND/kg, down 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently 145,000 VND/kg, down 1,000 VND/kg compared to yesterday.
In the world market, at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,724 USD/ton, stable compared to yesterday, and the price of Muntok white pepper at 9,205 USD/ton, stable compared to yesterday.
The price of Brazilian ASTA 570 black pepper is at 6,400 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 11,000 USD/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.
With competition from Indonesia's new pepper crop, the domestic market is forecast to show no signs of improvement, as China continues to increase pepper purchases from Indonesia.
The main consumer markets are Europe and the US, however, demand in these markets has not shown any signs of recovery. This makes Vietnam's pepper export prices even more difficult.
Pepper farmers need to find solutions to adapt to the current market situation, such as diversifying crops or finding new consumption markets.
* Information for reference only. Prices may vary depending on time and location.
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