Pepper price approaches 80,000 VND/kg; Gasoline price continues to decrease

Continuing to increase, pepper price approaches 80,000 VND/kg

Pepper prices today, May 10, in the domestic market continued to increase by 1,000 VND/kg. This is the second consecutive increase this week. Currently, pepper prices in key regions have exceeded 73,000 VND/kg and fluctuate around 73,000 - 76,000 VND/kg.

Accordingly, in the Central Highlands region, pepper prices today fluctuate around 73,000 - 74,000 VND/kg. Specifically, in Gia Lai, pepper prices today were purchased by traders at 73,000 VND/kg, an increase of 1,000 VND/kg. In Dak Lak and Dak Nong provinces, pepper prices today also increased by 1,000 VND/kg to 74,000 VND/kg.

Pepper price today has increased by 1,000 - 1,500 VND/kg compared to yesterday.

Similarly, in the Southeast, pepper prices today also increased by 1,000 VND/kg. Currently, pepper prices in Ba Ria - Vung Tau are being purchased by traders at 76,000 VND/kg, an increase of 1,000 VND/kg. Particularly in Dong Nai and Binh Phuoc, pepper prices increased by 1,500 VND/kg to 75,500 VND/kg.

Thus, today's pepper price has increased by 1,000 - 1,500 VND/kg compared to yesterday. Compared to the beginning of May, domestic pepper prices have increased by 6,000 - 7,000 VND/kg and exceeded 73,000 VND/kg in all localities. The pepper market is bustling.

In the past half month, the domestic market has had two price increases, the first from April 25 to 28, the second from May 4 to 7, with an increase of 3,000 - 5,000 VND/kg. In this third increase, pepper prices in localities are approaching the 80,000 VND/kg mark.

In the world market, at the end of the first trading session of the week, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 3,575 USD/ton, up 1.93%; the price of Brazilian black pepper ASTA 570 at 2,950 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton.

Domestic coffee price reaches 53,900 VND/kg

Domestic coffee prices today, May 10, remain stable compared to yesterday, currently fluctuating from 53,300 - 53,900 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province, specifically in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 53,200 - 53,300 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces stood at 53,800 VND/kg.

In Dak Nong province, coffee is purchased at 53,900 VND/kg.

Domestic coffee prices reached 53,900 VND/kg.

Coffee prices in Dak Lak province today are stable, in Cu M'gar district, coffee prices are currently at 53,800 VND/kg. In Ea H'leo district, Buon Ho town, coffee is purchased at the same price of 53,900 VND/kg.

For world coffee prices, coffee prices on the two exchanges are in opposite trends.

Specifically, at the end of the most recent trading session, Robusta coffee prices on the London floor increased after the closing session on the Coronation Day of King Charles III. The July spot futures decreased by $5 to $2,465/ton and the September futures decreased by $3 to $2,443/ton, both slight decreases. Trading volume was below average.

According to data from the General Department of Customs, Vietnam's coffee exports from the beginning of 2023 to April 15, 2023 were at 634,032 tons, lower than the 662,816 tons in the same period last year. This took place in the context of high global coffee prices, which contributed to pushing up Vietnamese coffee prices to VND52,000/kg, a historical high, according to statistics from giacaphe.com.

In addition, coffee production in Indonesia, the world's third-largest Robusta producer, is forecast at 9 million tons, the lowest in 10 years, according to Volcafe. In addition, Robusta production in Brazil is forecast at 17.51 ​​million bags, down nearly 4% from the 2022/23 crop year, according to the forecast from the Brazilian Government Crop Supply Agency (CONAB).

Thus, the supply is not only in short-term shortage but also narrowing in the medium and long term, thereby causing coffee prices to increase sharply. Currently, domestic and international coffee prices are at a high level compared to many years ago, creating an opportunity for Vietnam to maintain a coffee export turnover of over 4 billion USD, a record set in 2022.

Rice price increased by 100 - 200 VND/kg

Rice prices today, May 10, in the Mekong Delta continued to increase by 100 - 200 VND/kg for all types of rice. Demand for rice is high, prices are high.

Accordingly, at An Giang warehouse, IR 504 rice is being purchased by traders at 6,200 - 6,300 VND/kg; OM 5451 rice is at 6,300 - 6,400 VND/kg; Dai Thom 8 rice is being purchased by traders at 6,600 - 6,800 VND/kg; OM 18 rice is being purchased by traders at 6,400 - 6,500 VND/kg; Nang Hoa 9 is 6,600 - 6,750 VND/kg; Nhat rice is 7,800 - 8,000 VND/kg; Long An dried sticky rice is 8,600 - 8,800 VND/kg, An Giang dried sticky rice fluctuates at 8,000 - 8,200 VND/kg and IR 504 dried rice remains at 6,500 VND/kg.

Regarding rice, the price of raw rice and finished rice products continued to increase. Accordingly, the price of IR 504 summer-autumn raw rice was at VND9,800/kg, an increase of VND100/kg; IR 504 winter-spring raw rice was at VND9,800/kg; IR 504 finished rice increased by VND200/kg to VND11,200/kg.

Regarding by-products, the price of IR 504 rice bran increased by VND 100/kg to VND 9,300/kg; meanwhile, dry bran fluctuated stably around VND 7,350 - 7,450/kg.

Rice prices today increased by 100-200 VND/kg.

At the retail market, rice prices remained stable after the adjustment session. Accordingly, regular rice is 11,000 - 12,000 VND/kg; Jasmine fragrant rice is 14,000 - 15,000 VND/kg; Soc regular rice is 15,000 VND/kg; glutinous rice is 16,000 - 18,000 VND/kg; Nang Nhen rice is 22,000 VND/kg; Common white rice is 14,500 VND/kg; Nang Hoa is 18,500 VND/kg; Soc Thai is 18,000 VND/kg; Taiwanese fragrant rice is 20,000 VND/kg; Japanese rice is 22,000 VND/kg; Bran is 7,500 - 8,000 VND/kg; Long grain Thai fragrant rice remains at 18,000 - 19,000 VND/kg and Jasmine rice at 19,000 VND/kg.

According to traders, at the beginning of the week, the supply of raw rice was low, and the price of all types of rice tended to increase. The supply of Cambodian rice was low, and the price of rice remained high. Dry rice transactions were active, and demand was high.

In the export market, according to the Vietnam Food Association, the export price of 5% broken rice from Vietnam is at 488 USD/ton; 25% broken rice is at 468 USD/ton; and Jasmine rice is at 553-557 USD/ton.

Statistics show that Vietnam's rice exports in April 2023 are estimated at 1.1 million tons with a value of 573.9 million USD. Thus, the total volume and value of rice exports in the first 4 months of the year were raised to 2.95 million tons with 1.56 billion USD, up 43.6% in volume and 54.5% in value over the same period in 2022.

This is the highest growth rate among key agricultural product groups. Some other agricultural products also have higher export value than the same period last year, such as coffee up 2.5%; vegetables and fruits up 19.4%; and cashew nuts up 3.4%.

Gasoline price today May 10: Continue to decrease

Oil prices today (May 10) on the world market continued to decline from the previous session. Oil prices fell due to weak demand in China and cautious investor sentiment.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of May 4 of the Ministry of Finance - Industry and Trade.

Specifically, the price of RON 95 gasoline is 22,320 VND/liter. The price of E5 gasoline is down to 21,430 VND/liter. The price of diesel is at 18,250 VND/liter. The price of kerosene is 18,520 VND/liter.

In the world market, gasoline prices today (May 10) continued to decrease.

Yesterday (May 9), world oil prices turned down after two consecutive strong increases.

Data from Oilprice shows that at 9:37 a.m. on May 9 (Vietnam time), Brent crude oil price was at 76.82 USD/barrel, down 0.19 USD, or 0.25%, from the previous session. Meanwhile, WTI oil price fell to 73.02 USD/barrel, down 0.14 USD, or 0.19%, from the previous session.

At 7:35 p.m. on May 9 (Vietnam time), Brent crude oil price fell to 76.21 USD/barrel, down 0.8 USD, or 1.04%, compared to the previous session. WTI oil price was at 72.37 USD/barrel, down 0.79 USD, or 1.08%, compared to the previous session.

Gasoline prices continue to fall. Photo: Oilprice

Analysts say oil prices fell due to weakening demand in China.

China is the world's second largest oil consumer. China's economic recovery has a huge impact on oil prices.

However, China's slow economic recovery and limited fuel consumption have put pressure on oil prices.

China's export growth slowed in April while imports fell sharply year-on-year. China's crude oil imports in April also fell to 10.3 million barrels per day, down 16.4% from 12.32 million barrels per day in March.

In addition, oil prices turned down due to cautious investor sentiment.

Suvro Sarkar, a senior energy analyst at DBS Bank (Singapore), said that oil prices recovered somewhat in the trading sessions on May 5 and May 8. Therefore, traders took a "break" to listen to information related to the US and world economic situation.

The US consumer price index (CPI) data for April is expected to be released on May 10. This data is likely to influence the US Federal Reserve's stance on future interest rate adjustments.