Pepper price today 11/16/2024: Increase again

Domestic pepper price on November 16, 2024

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

In the Southeast region, pepper prices today increased by 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 138,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 138,000 VND/kg.

Last week, domestic pepper prices fell to VND135,000/kg for the first time in many months due to the strong increase in the US dollar after the US presidential election. However, prices recovered soon after and stabilized around VND140,000/kg.

In 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 in harvest season. However, limited pepper supply has helped prices remain high, up more than 70% compared to the beginning of the year and double compared to the same period last year.

According to experts, in the coming time, domestic pepper prices may find it difficult to exceed VND150,000/kg. The main reason is the increase in the value of the USD and fluctuations in the international market. The increase in the value of the USD not only makes domestic production costs higher but also poses exchange rate risks for import enterprises. Meanwhile, export enterprises may benefit in the short term, but profits are expected to gradually decrease in the medium and long term.

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

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 6,476 USD/ton (down 0.59%), and the price of Muntok white pepper at 9,063 USD/ton (down 0.58%).

The price of Brazilian ASTA 570 black pepper was at $6,000/ton. The price of Malaysian ASTA black pepper remained stable at $8,400/ton; the price of this country's ASTA white pepper reached $10,500/ton.

Vietnamese black pepper prices today decreased slightly, trading at 6,200 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper prices at 9,400 USD/ton.

According to Harris Spice’s October report, pepper prices in the market have declined after the peak harvest season in Indonesia and Brazil. At the same time, demand remains low, especially from the Chinese market.

In India, pepper fruit set was severely affected by a prolonged dry spell in June and July, despite good flowering earlier. In September, continuous rains caused heavy flower shedding and increased the risk of disease in pepper plants. More rains are expected in the coming weeks due to the monsoon.

In Indonesia, harvest is progressing well in southern Sumatra thanks to scattered rains at the beginning of the season. Areas such as Bengkulu and South Sumatra have entered the main harvest period. Many farmers are now stockpiling pepper after selling large quantities in previous seasons.

In Brazil, peak harvest is underway in both the major producing regions of the north and southeast. As harvest volumes increase, selling pressure is also increasing. However, changes in rainfall patterns this year have negatively affected production in both regions.

Quoc Duong