Pepper prices on 08/15/2024: Increased sharply by VND 2,000

Pepper prices on August 15 globally

Globally, the pepper market on August 15 continues to rise in Indonesia.

Accordingly, the price of Lampung black pepper in Indonesia has increased by 1.21%, reaching $ 7,424/ton. Meanwhile, the price of Muntok white pepper in the same country has also risen by 1.21%, to $ 8,741/ton.

The price of Kuching ASTA black pepper in Malaysia remains at $ 8,500/ton; while ASTA white pepper from this country is priced at $ 10,400/ton.

In the Brazilian market, the price of ASTA 570 black pepper remains at $ 6,175/ton.

In Vietnam, the export price of black pepper of type 500 g/l is trading at $ 5,800/ton, while the 550 g/l type is priced at $ 6,200/ton. The export price of white pepper remains at $ 8,500/ton.

The global pepper prices today have risen sharply in Indonesia but remained steady in other countries.

Thus, on 08/15/2024, the global pepper price increased significantly in Indonesia compared to the previous day.

Pepper prices on August 15 domestically

In the domestic market, pepper prices on August 15 continue to rise compared to yesterday.

Specifically, in Dak Lak, the price increased by VND 1,500, with pepper being purchased at VND 140,000/kg.

In Dak Nong, the pepper price today also increased by VND 1,500, reaching VND 140,000/kg.

In Gia Lai, the price increased by VND 2,000, trading at VND 140,000/kg.

In Dong Nai, the price rose by VND 1,500, with traders buying pepper at VND 139,500/kg.

Similarly, the price in Ba Ria - Vung Tau increased to VND 139,500/kg today.

In Binh Phuoc, the pepper price rose to VND 139,000/kg, an increase of VND 1,500.

Domestic pepper prices today have surged by up to VND 2,000, bringing this commodity back to a level of VND 140,000/kg.

Mr. Le Duc Huy, General Director of 2/9 Dak Lak - Simexco Export-Import Co., Ltd., noted that Vietnam's inventory is about 30%, equivalent to 50,000 - 55,000 tons.

The Agency of Foreign Trade forecasts that the Vietnamese pepper industry will benefit from higher prices in the near future due to the scarce supply. This situation may also open up opportunities for Vietnam to increase its market share and strengthen its position further in key markets such as the US, China, and Europe.

According to VPSA, the shortage of supply will cause pepper prices to continue experiencing unusual fluctuations, similar to the situation on June 11, when prices surged by VND 20,000/kg in the morning but then dropped sharply in the afternoon.

However, Mr Huy believes that traditional markets have imported large quantities of pepper in the first half of the year. This means that these markets are not in a rush to purchase more and are waiting.

Therefore, despite the ongoing supply shortage, he thinks that pepper prices are unlikely to see a significant surge like earlier in the year.

“The price of pepper is expected to remain around this level in the near future. While farmers hope for a sudden increase in prices, personally, I find this very difficult”, Mr. Huy said.

Thus, on 08/15/2024, domestic pepper prices are trading around VND 139,000 - 140,000/kg.

$ 1 = VND 24.840 - Source: Vietcombank.