| Pepper price forecast on August 20, 2024: Continue to increase strongly, surpassing the 140,000 VND/kg mark? Pepper price forecast on August 21, 2024: The upward trend continues, heading towards a new price range? |
Pepper prices are forecast to continue to increase strongly on August 22, 2024. According to the Vietnam Commodity Exchange, since the beginning of 2024, pepper prices in our country have been continuously high. In the first days of June, domestic pepper prices approached 190,000 VND/kg, the highest level in the past 11 years.
At present, pepper prices have cooled down but are still high compared to history. As of August 15, domestic pepper prices were recorded at around VND140,000/kg, 1.75 times higher than the price at the beginning of 2024 and 2 times higher than the price in the same period last year.
In the domestic market, pepper prices today, August 21, 2024, in the Southeast region continued to increase, recording the largest increase of 1,000 VND/kg, trading around 140,000 - 141,000 VND/kg, the highest purchase price in Dak Lak, Ba Ria - Vung Tau, Dak Nong provinces was 141,000 VND/kg.
Accordingly, the price of Dak Lak pepper was purchased at 141,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 140,000 VND/kg, an increase of 1,000 VND compared to yesterday. The price of Dak Nong pepper today was recorded at 141,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
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| Pepper price forecast August 22, 2024: Surpassing the 140,000 VND mark, will the price increase cycle continue? |
In the Southeast region, pepper prices today increased by 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 141,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 140,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.
In the international market, updating world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,472 USD/ton, remaining stable compared to yesterday, the price of Muntok white pepper reached 8,798 USD/ton.
The price of Brazilian ASTA 570 black pepper remained stable at USD 6,175/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.
Vietnam's black pepper price remains at a high level of 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.
Domestic pepper price on August 21, 2024
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Currently, pepper supply is limited globally due to the impact of El Nino. In the long term, in the next 3-5 years, the amount of pepper produced will not be able to meet the world's consumption demand.
The impact of El Nino climate change at the beginning of the year has continued to impact farmers’ cultivation, production and maintenance of pepper gardens. Following that, the La Nina phenomenon has further disturbed farmers’ psychology, especially at the present time when durian and coffee prices are at high levels, which are still not attractive enough for farmers to massively replant pepper.
The Vietnam Pepper and Spice Association (VPSA) prioritizes maintaining the pepper acreage, focusing on solutions to improve quality, diversifying processed products with high added value. Accordingly, it is necessary to advise and guide farmers to comply with international standards, especially on chemical residues, implement cultivation processes, prevent pests, and process and preserve them in accordance with the climatic conditions of each region.
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.
*Information for reference only. Prices may vary depending on time and location.
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