Pepper prices on 06/29/2024: Dropped sharply by VND 8,000/kg

Pepper prices on June 29 globally

Globally, the pepper market on June 29 showed mixed fluctuations.

Specifically, Indonesia's Lampung black pepper saw a slight increase of 0.17%, reaching $ 7,106/ton. Meanwhile, the country's Muntok white pepper also rose by 0.17%, hitting $ 9,048/ton.

Malaysia's Kuching ASTA black pepper remained stable at $ 7,500/ton, while its ASTA white pepper was priced at $ 8,800/ton.

In Brazil, ASTA 570 black pepper prices remained steady at $ 7,300/ton.

In Vietnam, export prices for 500 g/l black pepper dropped sharply by 3.52%, trading at $ 6,500/ton. The 550 g/l variety saw a decline of 4.23%, down to $ 7,000/ton. White pepper export prices fell significantly to $ 9,500/ton, marking a 9.82% decrease.

Global pepper prices today saw a slight increase in Indonesia but a significant rise in Vietnam's export of pepper.

This week, the pepper market exhibited mixed reactions, with only Sri Lanka and Malaysia reporting increases. After rising for the past five weeks, both domestic and international pepper prices in India have trended downward this week.

Thus, global pepper prices on 06/29/2024 showed an upward trend compared to yesterday.

Pepper prices on June 29 domestically

In the domestic market, pepper prices on June 29 decreased significantly compared to yesterday.

Specifically, Đak Lak saw a drop of 8,000 VND, purchasing pepper at 152,000 VND/kg;

In Dak Nong, pepper prices today are trading at VND 155,000/kg, down VND 5,000;

In Gia Lai, pepper prices today decreased by VND 7,000, purchasing at VND 150,000/kg;

A significant drop of VND 7,000 in Dong Nai, where traders are buying pepper at VND 150,000/kg;

Similarly, in Ba Ria - Vung Tau, pepper prices today fell to VND 151,000/kg;

In Binh Phuoc, traders are buying pepper at VND 152,000/kg, down VND 8,000.

Domestic pepper prices today decreased by VND 5,000-8,000, bringing this agricultural product down to VND 155,000/kg.

In recent days, domestic pepper prices have fluctuated wildly, causing the export pepper prices listed by the IPC to "dance" accordingly. Farmers have felt mixed emotions, from joy when export pepper prices spike to disappointment when they plunge the next day.

The market during this period is unpredictable. Experts advise that the upward trend in the medium and long term for Vietnam's pepper prices is clear. However, the market is heavily influenced by speculative activities. Therefore, farmers holding onto their pepper stocks should be cautious and consider selling only when necessary, avoiding sales based on rumours.

The sharp increase in pepper prices since the beginning of the year has brought joy to pepper farmers but has put many dealers at risk of heavy losses. At the beginning of the season after harvest, farmers often send their pepper to purchasing agents with the mindset that storing the pepper themselves would result in weight loss.

Meanwhile, when they need money, they will go to the agent to sell and collect the money. Meanwhile, purchasing agents who hold the pepper for farmers often use the deposited pepper to create other cash flows.

Thus, domestic pepper prices on 06/29/2024, are trading around VND 150,000 - 155,000/kg.

$ 1 = VND 25.223 - Source: Vietcombank