Pepper prices today, November 16, 2024: Rising again.

Domestic pepper prices on November 16, 2024

Specifically, the price of pepper in Dak Lak is being purchased at 139,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. The price of pepper in Chu Se (Gia Lai) is being purchased at 138,500 VND/kg, an increase of 500 VND/kg compared to yesterday. The price of pepper in Dak Nong today is recorded at 139,000 VND/kg.

In the Southeast region, pepper prices increased by 1,000 VND/kg today compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently 138,500 VND/kg, up 1,000 VND/kg from yesterday; in Binh Phuoc, the price is 138,000 VND/kg today.

Last week, domestic pepper prices fell to 135,000 VND/kg for the first time in months, due to the strong rise in the US dollar following the US presidential election. However, prices quickly recovered and stabilized around 140,000 VND/kg.

On the domestic market, pepper prices are under pressure due to slowing demand. Many sellers are also trying to raise capital to invest in coffee – an agricultural product that is currently in harvest season. Nevertheless, limited pepper supply has helped maintain high prices, up more than 70% since the beginning of the year and double compared to the same period last year.

According to experts, domestic pepper prices may struggle to surpass 150,000 VND/kg in the near future. The main reasons are the appreciation of the US dollar and fluctuations in the international market. The rise in the US dollar not only increases domestic production costs but also poses exchange rate risks for importing businesses. Meanwhile, exporting businesses may benefit in the short term, but profits are projected to gradually decrease in the medium and long term.

The Import-Export Department (Ministry of Industry and Trade) predicts that Vietnam's pepper exports will face difficulties in the remaining months of this year. The reason is that domestic supply is limited, and demand from the Chinese market remains low. However, the situation is expected to improve in early 2025 when demand from China increases significantly.

Today's world pepper prices

According to the International Pepper Association (IPC), at the close of the most recent trading session, the IPC listed Indonesian Lampung black pepper at US$6,476/ton (down 0.59%) and Muntok white pepper at US$9,063/ton (down 0.58%).

Brazilian ASTA 570 black pepper is priced at US$6,000/ton. Malaysian ASTA black pepper remains stable at US$8,400/ton; the price of Malaysian ASTA white pepper reached US$10,500/ton.

Vietnamese black pepper prices saw a slight decrease today, trading at US$6,200/ton for the 500 g/l variety; US$6,500/ton for the 550 g/l variety; and white pepper at US$9,400/ton.

According to Harris Spice's October report, pepper prices have fallen following the peak harvest season in Indonesia and Brazil. At the same time, demand remains low, particularly from the Chinese market.

In India, pepper fruit formation was severely affected by the prolonged drought in June and July, despite the plants having flowered well beforehand. By September, continuous rains caused significant flower drop and increased the risk of disease in pepper plants. Rainfall is expected to continue in the coming weeks due to the influence of the monsoon.

In Indonesia, the harvest is progressing smoothly in southern Sumatra thanks to scattered early-season rains. Areas such as Bengkulu and South Sumatra have entered the main harvesting season. Many farmers are now stockpiling pepper after selling large quantities in previous harvests.

In Brazil, peak harvesting is underway in both major producing regions of the north and southeast. As harvest volumes increase, so does selling pressure. However, changes in rainfall patterns this year have negatively impacted yields in both areas.