Pepper prices on 08/23/2024: Strong uptrend continues

Pepper prices on August 23 globally

On the global market, the pepper market reversed its trend in Indonesia today.

The price of black pepper from Lampung in Indonesia decreased by 0.79%, reaching $ 7,478/ton. Meanwhile, the price of white pepper from Muntok in Indonesia fell by 0.8%, standing at $ 8,804/ton.

In Malaysia, the price of Kuching ASTA black pepper remains at $ 8,500/ton, while white pepper ASTA is priced at $ 10,400/ton.

In Brazil, the price for ASTA 570 black pepper continues to trade at $ 6,300/ton.

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

Today, global pepper prices have decreased in Indonesia but remain stable in other countries.

According to the Agency of Foreign Trade (Ministry of Industry and Trade), global pepper supply has been boosted as Indonesia entered its harvest season starting in July. However, Brazil is facing continuous crop failures due to drought.

Farmers in the Espirito Santos region of Brazil have reported that the 2024 pepper harvest maybe 25-30% lower due to heat causing the first flowering to drop and a low fruit set on the second and third blooms, potentially achieving only about 70% of last year's yield. For the entire year 2024, Brazil's pepper production could decrease by 20-25% compared to 2023.

Experts predict that the shortage in supply relative to demand will continue to be observed in the market in the near future.

Additionally, rising shipping costs and port congestion in Asia are affecting prices in importing markets, potentially causing delays in transportation and leading to higher pepper prices in the medium to long term.

Thus, pepper prices on 08/23/2024 slightly decreased in Indonesia compared to yesterday

Pepper prices on August 23 domestically

Domestic pepper prices have continued to rise significantly compared to yesterday.

Specifically, in Dak Lak, the price increased by VND 1,000, reaching VND 145,000/kg;

Similarly, in Dak Nong, the price also rose by VND 1,000 to VND 145,000/kg;

In Gia Lai, the price increased by VND 2,000, trading at VND 144,000/kg;

In Dong Nai, traders are also buying pepper at VND 144,000/kg;

In Ba Ria - Vung Tau, the price increased by VND 1,000 to VND 144,000/kg;

In Binh Phuoc, the price rose by VND 2,000, reaching VND 144,000/kg.

Today, domestic pepper prices have increased significantly by VND 1,000 to 2,000, reaching up to VND 145,000/kg. This marks the fourth consecutive day of rising prices for domestic pepper.

Thus, on 08/23/2024, domestic pepper is trading around VND 144,000 to 145,000/kg.

$ 1 = VND 24.780 - Source: Vietcombank.