Pepper prices on 06/23/2024: Strong increase this week

Pepper prices on June 23 globally

On the global market, pepper prices on June 23 remain steady.

Accordingly, the price of black pepper Lampung in Indonesia remains at $ 7,772/ton. The price of white pepper Muntok from this country also stays at $ 9,691/ton.

The price of black pepper Kuching ASTA in Malaysia remains at $ 7,500/ton, and white pepper ASTA from this country is priced at $ 8,800/ton.

In the Brazilian market, the price of black pepper ASTA 570 is $ 7,500/ton.

In Vietnam, the export price of black pepper 500 g/l is trading at $ 6,500/ton, while the 550 g/l variety is at $ 6,900/ton. The export price of white pepper remains at $ 9,700/ton.

Today global pepper prices have no new fluctuations. Summarizing this week, pepper seed markets have shown mixed reactions. While India continues its upward trend, Southeast Asian countries are experiencing declines.

Thus, on 06/23/2024, the world pepper price remained stable compared to yesterday.

Pepper prices on June 23 domestically

Domestically, the pepper market on June 23 shows no new changes compared to yesterday.

Specifically, in Dak Lak, pepper is still purchased at VND 160,000/kg;

In Dak Nong, today's pepper trading is at VND 161,000/kg;

In Gia Lai, pepper is bought at VND 157,000/kg today;

Traders in Dong Nai are still trading pepper at VND 157,000/kg;

The price of pepper in Ba Ria - Vung Tau today remains at VND 158,000/kg;

Meanwhile, traders in Binh Phuoc are trading pepper at 156,000 VND/kg.

Today, domestic pepper prices remain stable at the highest level reaching VND 161,000/kg. Summarizing this week, the domestic pepper seed market has seen a strong increase of VND 3,000/kg.

In the first half of June, Vietnamese pepper prices surged to a peak of VND 180,000/kg on June 12. Shortly thereafter, selling pressure at the peak quickly brought the market down.

Experts attribute this price increase mainly to a severe decline in supply. Both domestic and global pepper production has decreased, with stock levels from the previous year at their lowest in the past five years. Drought conditions and unfavourable weather in major producing countries such as India, Indonesia, and Brazil have contributed to this production decrease.

Ms. Hoang Thi Lien, Chairwoman of VSPA, assesses that domestic pepper prices are on an upward trend. While there is still pepper available among farmers, instead of selling massively, they are choosing to sell gradually to monitor price developments.

The increase in pepper prices has driven exports due to demand from European and American markets. The United States and China are reportedly increasing their purchases of pepper. In the first five months of the year, Vietnam exported a total of 114,424 tons of pepper. During this period, the United States surpassed China to regain its position as Vietnam's largest pepper export market with 30,466 tons, holding a 26.6% market share and increasing by 44.4% compared to the same period last year.

Thus, on 06/23/2024, domestic pepper prices are trading around VND 156,000 - 161,000/kg.

$ 1 = VND 25.218 - Source: Vietcombank