Price developments are not as expected, many growers wait for prices to increase further, missing opportunities

Pepper price today, August 29, 2024, in the domestic market remained stable in most key localities, trading from 143,000 - 144,000 VND/kg.

Pepper price today August 29, 2024: Price movements are not as expected, many growers wait for prices to increase further, missing the opportunity. (Source: Shutterstock)

Pepper price today, August 29, 2024, in the domestic market remained stable in most key localities, trading from 143,000 - 144,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 144,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (143,000 VND/kg); Dak Lak (144,000 VND/kg); Dak Nong (144,000 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (143,000 VND/kg).

Thus, like yesterday, domestic pepper prices today continued to move sideways in most key localities, with the only increase recorded in Gia Lai, an increase of 500 VND/kg. The highest pepper price remained at 144,000 VND/kg.

According to the Vietnam Pepper and Spices Association (VPSA), the increase in pepper prices in the domestic market has not been as expected recently due to low demand from the Chinese market.

However, some experts say that signs of supply shortage compared to demand will continue to be recorded and reflected in the market in the coming time until the harvest season.

As of the end of July, Vietnam had exported 167,911 tons of pepper out of a total of 170,000 tons of the 2024 harvest. The inventory from the 2023 crop carried over plus the 2024 import volume of about 40,000 - 45,000 tons (including unofficial imports) shows that the export source from August until the end of the year will be lower than every year and until March 2025 when the 2025 crop is expected to be harvested.

Therefore, VPSA predicts that pepper prices will have unusual fluctuations, such as on June 11, when the price increased sharply by 20,000 VND in the morning but dropped sharply again in the afternoon.

According to the forecast of the Import-Export Department, Vietnam's pepper industry will benefit from price in the coming time due to scarce supply. This can also open up opportunities for Vietnam to increase market share and further consolidate its position in key markets such as the US, China and Europe.

However, from the business perspective, Mr. Le Duc Huy - General Director of Dak Lak 2/9 Import- Export Company Limited - Simexco, said that pepper prices have increased sharply but sellers are not in a hurry. Many growers have not sold yet but choose to wait for prices to increase further, sometimes this makes them lose opportunities.

Therefore, this person believes that although the supply shortage continues, pepper prices will hardly increase sharply like at the beginning of the year.

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 7,511 USD/ton, down 0.84%; the price of Brazilian black pepper ASTA 570 at 6,450 USD/ton, up 150 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.

Muntok white pepper price is 8,844 USD/ton, down 0.84%; Malaysian ASTA white pepper price is at 10,400 USD/ton.

Vietnam black pepper price is traded at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price is at 8,500 USD/ton. IPC increases Brazilian pepper price, decreases in Indonesia.

Despite the downward adjustment, Indonesian pepper prices still increased compared to last weekend.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2982024-dien-bien-gia-khong-nhu-ky-vong-nhieu-nguoi-trong-cho-gia-tang-them-danh-mat-co-hoi-284222.html