Pepper price today October 28, 2024: Expected to continue to decrease this week
Pepper price today October 28, 2024 is in the range of 144,000 - 145,500 VND/kg, today's pepper price has decreased sharply from 500 to 1,000 VND/kg compared to last weekend. The outlook for the pepper market this week is quite negative.
Domestic pepper price on October 28, 2024
Specifically, Dak Lak pepper price was purchased at 145,500 VND/kg, down 1,000 VND/kg compared to last weekend. Chu Se pepper price (Gia Lai) was purchased at 144,000 VND/kg, down 500 VND/kg compared to last weekend. Dak Nong pepper price today was recorded at 145,500 VND/kg.
In the Southeast region, pepper prices today decreased sharply by 1,000 VND/kg compared to last weekend. Specifically, in Ba Ria - Vung Tau, it is currently at 145,000 VND/kg, down 1,000 VND/kg compared to last weekend; in Binh Phuoc, pepper prices today are at 144,000 VND/kg.
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change compared to last week (Unit: VND/kg) |
| Dak Lak | 145,500 | -1,000 |
| Gia Lai | 144,000 | -500 |
| Dak Nong | 145,500 | -1,000 |
| Ba Ria - Vung Tau | 145,000 | -1,000 |
| Binh Phuoc | 144,000 | -1,000 |
| Dong Nai | 145,000 | -1,000 |
According to the Vietnam Pepper and Spice Association, the 2024 pepper crop will begin in the next two months in Dak Nong, a key area for this commodity. However, the floods in July and the expected El Nino phenomenon at the end of the year could affect the harvest, reducing the output in 2024 compared to 2023.
In the third quarter, the domestic pepper market did not have any major fluctuations. Prices decreased slightly in July, then increased again in August and September, but decreased again in mid-October. Currently, the average pepper price is about 70,000 VND/kg, down 10% compared to the same period last year.
Global pepper production is forecast to decrease in 2024 due to lower output from producing countries, but this decrease is lower than global consumption demand. Except for China, consumption demand in many countries may decline due to economic crises from conflicts in Eastern Europe and the war in Israel, which may affect prices and purchasing power in the coming time.
World pepper price today
Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,724 USD/ton, and the price of Muntok white pepper at 9,205 USD/ton.
The price of Brazilian ASTA 570 black pepper was at USD 6,400/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 11,000/ton.
Vietnamese black pepper prices today are stable at a high level, trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper prices at 9,500 USD/ton.
The black pepper market is under downward pressure as agricultural companies, dealers and intermediaries are actively selling. This action is mainly due to liquidity needs, as sellers need to raise capital to invest in coffee, which is currently in the harvest season.
The fact that Brazil and Indonesia are also entering the harvest season while world demand is not increasing strongly, along with China's reduced purchases, has contributed to the decrease in pepper prices.
Despite the downward pressure, domestic pepper inventories are low, helping prices remain high. According to a report by Nedspice, Vietnam’s pepper exports in the fourth quarter will depend on the release of long-held inventories held by major investors.
The International Pepper Community believes that the outlook for pepper markets this week is quite negative as no market has recorded any increase. Indian pepper prices have continued to decline over the past month, while Indonesian pepper prices have remained stable. The appreciation of the US dollar is also restraining the increase in pepper prices in many countries.
