In the first quarter of 2023, Vietnamese people's demand for gold decreased by 12%; Export rice price increased by 5 USD/ton

In the first quarter of 2023, Vietnamese people's gold consumption demand decreased by 12%

Statistics from the World Gold Council show that in the first quarter of 2023, Vietnamese people's gold consumption decreased by 12% compared to the same period, from 19.6 tons to 17.2 tons.

The latest Gold Demand Trends Report from the World Gold Council (WGC) shows that global gold demand (excluding the OTC market) was 13% lower than the same period last year. However, the recovery of the OTC market raised total gold demand to 1,174 tonnes, up slightly by 1% compared to the first quarter of 2022.

In the first quarter, Vietnam's gold consumption demand decreased by 12%, to only 17.2 tons. Photo: Viet Phuong

In Vietnam, from 19.6 tons in the first quarter of 2022, gold consumption demand decreased by 12%, to only 17.2 tons. Similarly, demand for gold bars and gold coins also decreased, from 14 tons in the first quarter of 2022 to 10%, to 12.6 tons in the first quarter of 2023. Meanwhile, jewelry demand decreased by 18% compared to the same period in 2022, from 5.6 tons to 4.6 tons in the first quarter of 2023.

Explaining the above phenomenon, Mr. Shaokai Fan, Managing Director of Asia-Pacific (excluding China) and Global Head of Central Banks of the World Gold Council (WGC) said: The decline in gold jewelry demand is partly due to the impact of strong base effects. The first quarter of 2022 is considered the quarter with the strongest domestic demand for gold jewelry since 2007. Gold jewelry purchases in the first quarter of 2023 recorded positive signs during the Lunar New Year, before gradually decreasing in February and March due to rising gold prices.

With gold prices nearing a record high of $1,890 per tael on average for the quarter, the mixed performance of gold in the first quarter clearly demonstrates the diversity and global nature of gold demand.

Central banks contributed to the demand by adding 228 tonnes to global reserves, reaching a record level in the first quarter data. The continued large purchases by Government Agencies underscore the role of gold in foreign exchange reserve portfolios during times of market volatility and heightened risk.

Meanwhile, global gold jewelry volume in the first quarter remained stable at 478 tons.

Supply decreased, pepper price increased by 1,000 VND/kg

Pepper prices today, May 9, in the domestic market continued to increase by 1,000 VND/kg. Currently, pepper prices in key regions have exceeded 72,000 VND/kg and fluctuate around 72,000 - 75,000 VND/kg.

Accordingly, in the Central Highlands region, pepper prices today fluctuate around 72,000 - 73,000 VND/kg. Specifically, in Gia Lai, pepper prices today were purchased by traders at 72,000 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 73,000 VND/kg.

Similarly, in the Southeast, pepper prices today also increased by 1,000 VND/kg. Currently, pepper prices today in Ba Ria Vung Tau are being purchased by traders at 75,000 VND/kg, an increase of 1,000 VND/kg. In Dong Nai, pepper prices also increased by 1,000 VND/kg to 74,000 VND/kg; in Binh Phuoc, pepper prices today are at 74,000 VND/kg, an increase of 1,000 VND/kg.

Thus, today's pepper price has increased by 1,000 VND/kg compared to yesterday. Compared to the beginning of May, domestic pepper price has increased by 5,500 VND/kg compared to last week and exceeded 72,000 VND/kg in all localities. Pepper market transactions are bustling.

Vietnam black pepper price is traded at 3,500 USD/ton for 500g/l; 550g/l at 3,600 USD/ton; white pepper price at 5,000 USD/ton.

Experts say the market's growth after the holiday comes from weather factors. The intense heat last week across the country, especially in key growing areas such as the Southeast and Central Highlands, has caused prices of agricultural products to increase, especially pepper.

The heat has raised concerns about the new crop yield, affecting long-term supply. Many localities have warned that this year's flowering may be late, affecting next year's harvest in terms of time and yield.

If there is El Nino in the second half of 2023, it will be the reason for the commodity market to increase in price. In addition, pepper is being supported by information about the expected decrease in output in countries about to enter the harvest season. Total global pepper output in 2023 is estimated at 526 thousand tons compared to 537.6 thousand tons in 2022.

Exporting enterprises are actively purchasing raw materials to replenish inventories, while domestic supply is decreasing. This causes pepper prices to continuously increase. However, the amount of raw pepper brought to the market is quite small because farmers and agents expect pepper prices to increase in the near future.

Domestic coffee prices nearly reach 54,000 VND/kg

Domestic coffee prices today (May 9) in the Central Highlands provinces remained stable, with some places increasing slightly by 100 VND/kg.

Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province increased slightly by 100 VND/kg, in districts such as Bao Loc, Di Linh, Lam Ha, coffee was 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.

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 prices are at the same level of 53,900 VND/kg.

For world coffee prices, coffee prices continue to increase.

Global coffee prices are currently high.

In the most recent trading session before the opening on May 8, Robusta coffee prices on the London (UK) floor fluctuated from 2,405 - 2,496 USD/ton depending on the delivery period. Of which, coffee for delivery in July 2023 reached 2,496 USD/ton; delivery in September 2023 reached 2,465 USD/ton; coffee for delivery in November 2023 reached 2,425 USD/ton and coffee for delivery in January 2024 reached 2,405 USD/ton.

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.

Export rice price increased by 5 USD/ton

Rice prices today, May 9, in the Mekong Delta, adjusted in different directions among rice products. In the export market, the export rice price increased by 5 USD/ton.

Accordingly, at An Giang warehouse, IR 504 rice is being purchased by traders at 6,200 - 6,300 VND/kg, down 100 VND/kg; OM 5451 rice has decreased 100 VND/kg to 6,300 - 6,400 VND/kg.

For the remaining varieties, rice prices remain stable. Accordingly, at An Giang warehouse, 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.

Thanks to the association with enterprises that purchase rice products, many cooperative members in Nam Cat commune (Nam Dan) do not have to worry about product output. Photo: Viet Phuong

Regarding rice, the price of raw rice and finished rice products has been adjusted up by VND50/kg. Accordingly, the price of IR 504 summer-autumn raw rice is at VND9,700/kg; IR 504 winter-spring raw rice increases by VND50/kg to VND9,800/kg; IR 504 finished rice increases by VND50/kg to VND11,000/kg.

Regarding by-products, the price of by-products remains stable. Accordingly, IR 504 sheet is at 9,200 VND/kg; dry bran fluctuates around 7,350 - 7,450 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 amount of raw rice was low, the price of all types of rice tended to increase. The demand for IR 504 rice was high, the price was high. The price of rice did not fluctuate, the demand for dry rice was still good, many rice warehouses in the market still gave good prices for dry rice.