Pepper prices on 08/29/2024: Reversed in the domestic market

Pepper prices on August 29 globally

Globally, the pepper market on August 29 saw a surge in the prices of Vietnam's export pepper.

Specifically, black pepper from Lampung in Indonesia remains at $ 7,511/ton. The price of white pepper from Muntok in Indonesia is stable at $ 8,844/ton.

Black pepper from Kuching ASTA in Malaysia is holding steady at $ 8,500/ton, while white pepper ASTA from Malaysia is priced at $ 10,400/ton.

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

In Vietnam, the price of export black pepper with a 500 g/l grade has risen to $ 6,100/ton (an increase of 4.92%); the 550 g/l grade is priced at $ 6,500/ton (an increase of 4.62%). Meanwhile, the export of white pepper has reached $ 8,800/ton (an increase of 3.41%).

Today, global pepper prices are mostly stable, with the exception of a significant increase in the prices of Vietnam's export pepper following a period of stagnation.

Thus, on 08/29/2024, global pepper prices have risen sharply for Vietnamese export pepper compared to yesterday.

Pepper prices on August 29 domestically

In the domestic market, pepper prices have reversed and decreased compared to yesterday.

Specifically, in Dak Lak, the price has dropped by VND 500, with pepper now trading at VND 143,500/kg.

In Dak Nong, the price has decreased by VND 1,000, reaching VND 143,000/kg.

Similarly, in Gia Lai, the price has fallen to VND 143,000/kg.

Traders in Dong Nai are buying pepper at VND 142,000/kg, a decrease of VND 1,000.

Similarly, in Ba Ria - Vung Tau, the price has decreased to VND 142,000/kg.

In Binh Phuoc, pepper is trading at VND 142,000/kg, down by VND 1,000.

Today, domestic pepper prices have decreased by VND 500 - 1,000, bringing the commodity down to around VND 143,000/kg.

Looking back over the past months, the price of pepper has seen a dramatic increase this year, with current levels being twice as high as at the beginning of the year. In June, pepper prices peaked near an 8-year high at VND 180,000/kg.

The high prices of pepper have a dual impact: one group benefits while another suffers. Mr. Ho Tri Nhuan, Director of Gohan Company, notes that importers are the biggest beneficiaries, whereas exporters face significant losses.

This situation is due not only to a decrease in supply (affected by weather and shifts in crop cultivation by farmers) but also to speculative activities.

According to Mr. Nhuan, many people who bought pepper at the beginning of the year have realized profits but then purchased at peak prices again. Overall, more people are losing than gaining. The gainers make only about VND 5,000/kg, while the losers face losses of up to VND 30,000 - 40,000/kg.

Thus, on 08/29/2024, domestic pepper prices are trading around VND 142,000 - 143,500/kg.

$ 1 = VND 24.660 - Source: Vietcombank.