Pepper price today 11/7/2024: Sharp decrease due to strong increase in USD exchange rate

Domestic pepper price on November 7, 2024

Specifically, Dak Lak pepper price was purchased at 136,000 VND/kg, down 5,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 135,500 VND/kg, down 4,500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 136,000 VND/kg.

In the Southeast region, pepper prices today have dropped sharply from 4,500 to 5,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 135,500 VND/kg, down sharply from 4,500 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 135,000 VND/kg.

According to Nong Nghiep Newspaper, after many days of heavy rain due to storm No. 6, many pepper gardens in Gio An commune, Gio Linh district, Quang Tri province were flooded. When the water receded, underground water continuously appeared, making pepper roots susceptible to waterlogging and fungal infections. This phenomenon occurred in October 2020, causing dozens of hectares of pepper to die or reduce productivity.

Mr. Le Phuoc Hieu, Vice Chairman of Gio An Commune People's Committee, said that the flooding caused by underground water in 2020 completely killed nearly 20 hectares of pepper, and more than 60 hectares were affected in productivity and quality. Currently, the whole commune has identified 3 hectares of pepper with symptoms of yellowing, wilting, leaf loss and high risk of death. If the rain continues, the damaged area could reach 10 hectares.

Gio An residents are trying to save their pepper gardens by blocking water flow, digging drainage ditches, and mounding up the roots to minimize the risk of pepper plants dying. Mr. Hieu shared that pepper is the commune’s main crop, and this year pepper prices are high, so people are very excited. However, if the measures to save the pepper gardens are not effective, the commune may have to switch crops, causing great losses to the people because organic pepper gardens in Gio An are of high value.

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 6,665 USD/ton (down 0.09%), and the price of Muntok white pepper at 9,125 USD/ton (down 0.09%).

The price of Brazilian ASTA 570 black pepper was at USD 6,300/ton (down 1.59%). 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.

Experts say that pepper prices are currently adjusting to reflect actual supply and demand. In the international market, Southeast Asian countries are also reducing pepper prices in the context of a stronger USD. The US presidential election with Donald Trump's victory caused the USD exchange rate to skyrocket, causing pepper prices to fall even more sharply.

Recently, the pressure to sell pepper in the market has increased as the coffee harvest season begins. Due to the large capital needed for the coffee crop, many farmers and agents have switched to selling pepper, putting pressure on domestic pepper prices. However, with agricultural prices still high, pepper exports are expected to remain a bright spot for Dak Lak and the Central Highlands in the last months of the year, although many businesses are having difficulty buying pepper at high prices to meet orders.

The economic situation in Southeast Asia also affected the pepper market. The Indonesian Rupiah fell 1% against the USD, causing domestic and export pepper prices in this country to increase. On the contrary, the depreciation of the Malaysian Ringgit caused domestic and export pepper prices to decrease. In India, domestic and export pepper prices increased slightly due to high demand during the Diwali festival season.