Pepper prices will fluctuate strongly in August.

Domestic pepper prices today

Pepper prices today, August 1, 2024, in the Southeast region remained unchanged compared to yesterday, trading around 148,000 - 149,000 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces was 149,000 VND/kg.

Specifically, the price of Dak Lak pepper was purchased at 149,000 VND/kg, which was stable compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 148,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 149,000 VND/kg, unchanged compared to yesterday.

In the Southeast region, pepper prices today have stagnated compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 149,000 VND/kg, remaining the same as yesterday; in Binh Phuoc, pepper prices today remain at 148,000 VND/kg, stable compared to yesterday.

Pepper price today August 1, 2024: Pepper price will have strong fluctuations

Thus, pepper prices today stagnated in some localities in key growing areas, recording the highest price of 149,000 VND, fluctuating in the price range of 148,000 - 149,000 VND/kg.

In July 2024, domestic pepper prices decreased by VND 5,000 - 6,000/kg. In June 2024, pepper prices increased by an average of VND 23,000 - 27,000/kg. July 2024 was also the first month of decrease after 3 consecutive months of increase.

Domestic pepper price on July 25 , 2024

World pepper prices today

Update on world pepper prices from the International Pepper Community (IPC), at this time, Indonesian black pepper prices increased compared to yesterday; Brazilian pepper prices decreased slightly, while Malaysian pepper prices remained unchanged. Vietnamese pepper prices listed today are stable.

At the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,150 USD/ton, up 0.17%, and the price of Muntok white pepper at 8,761 USD/ton, up 0.16%.

The price of Brazilian ASTA 570 black pepper was at USD 6,850/ton, down 1.45%. The price of Malaysian ASTA black pepper was also stable at USD 7,500/ton; the price of this country’s ASTA white pepper reached USD 8,800/ton.

Vietnamese black pepper prices remain at a high level, trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.

According to the Report of the Vietnam Pepper and Spices Association (VPSA), the average domestic pepper price in July reached VND 150,000/kg, an increase of 82.9% compared to January and an increase of 120.6% compared to the same period in 2023.

On average, in the first 6 months of 2024, the export price of black pepper increased by 17.1% compared to the same period last year. Shortage of supply due to reduced harvest output in Vietnam and Brazil was the main reason for the increase in pepper prices in the past 3 months.

Ms. Hoang Thi Lien - President of VPSA commented that pepper prices will have unusual fluctuations like on June 11, when the price increased sharply by 20,000 VND/kg in the morning but dropped sharply again in the afternoon.

She analyzed that pepper is increasingly being competed by durian and coffee. There are new planting areas but not much, mainly intercropping pepper with coffee at a ratio of 6-2. The next crop's output may be equivalent or slightly higher than in 2024. The amount of inventory among people is not much, the situation of pests and diseases still exists but is not significant.

Vietnam's pepper exports in the first 6 months of 2024 reached 142,500 tons compared to the 2024 harvest output of about 170,000 tons, the remaining output is estimated at about 28,000 tons.

The inventory from the 2023 crop carried over plus the 2024 import volume of about 40-45 thousand 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.

Experts say the market is in a saturated phase, and actual transactions are not much. One of the expected boosts is the sudden increase in purchasing power from the Chinese market that has not yet happened. In the first half of 2024, the amount of pepper imported from Vietnam to this market decreased sharply, reaching only 7,453 tons, down 85.2%.

This year, in China's main pepper producing region, the crop failure is also worrying, with speculators hoarding goods. According to experts, it is likely that China and European traders are waiting for information and new shipments from the harvest in Indonesia.

Experts predict that the market in August 2024 will be more positive. The downward trend will end. Low supply in harvesting countries will continue to be the driving force for the market to go up.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/gia-tieu-hom-nay-182024-gia-tieu-se-co-nhung-bien-dong-manh-trong-thang-8-336087.html