Market today: Pig price nears 70,000 VND/kg; Gasoline continues to increase since last week

Pig price nears 70,000 VND/kg

In many localities, the price of live pigs has continuously increased in recent days and reached a new level. The price increased from 3,000 - 5,000 VND/kg compared to last month, to 64,000 - 67,000 VND/kg.

In the North, the price of live pigs today fluctuates between 64,000 - 67,000 VND/kg, an increase of 1,000 - 3,000 VND/kg over the past week.

In the Central Highlands, pork prices are lower than in the North, but also reached 60,000 - 63,000 VND/kg, an increase of 1,000 VND/kg last week.

After increasing by 1,000 VND/kg, Dak Lak province purchased live pigs at 59,000 VND/kg. Meanwhile, Nghe An and Ha Tinh provinces both increased the price to 63,000 VND/kg - equal to Thanh Hoa.

Currently, the purchase price of live pigs in the Central and Central Highlands regions is around 59,000 - 63,000 VND/kg.

In the South, the price of live pigs increased and decreased by 1,000 - 2,000 VND/kg, fluctuating between 59,000 - 62,000 VND/kg.

Traders said that the price of live pigs has been increasing continuously over the past week. The reason is that pig farmers do not dare to restock due to losses, causing a shortage of supply. In addition, the epidemic has caused the pig herd to decrease by 30-50% compared to before.

The Department of Animal Husbandry forecasts that in the last months of the year, market demand will increase, so the price of live pigs may continue to increase. This is the driving force for farmers to continue investing in expanding closed-loop farms and quickly recover after a long period of low pig prices.

Highest pepper price 70,500 VND/kg

Pepper prices today (July 10) in the domestic market remain stable. Vietnam's pepper market share in China has increased sharply in the first 5 months of this year.

Accordingly, in the Central Highlands region, pepper prices are purchased by traders around 67,500 - 68,500 VND/kg. Specifically, Chu Se pepper price (Gia Lai) is purchased by traders at 67,500 VND/kg. In Dak Lak, pepper prices remain at 68,500 VND/kg. In Dak Nong, pepper prices today are at 68,500 VND/kg.

In the Southeast region, pepper prices today have not fluctuated compared to yesterday. Currently, pepper prices in this region are being purchased around the mark of 69,000 - 70,500 VND/kg.

According to statistics from the Vietnam Pepper and Spice Association, in June 2023, Vietnam imported 2,584 tons, of which black pepper reached 2,505 tons and white pepper reached 79 tons, with a total import turnover of 7.8 million USD. Compared to the previous month, the import volume increased by 11.6%.

Statistics from the China Customs Administration show that in the first 5 months of 2023, China reduced pepper imports from most major suppliers, except Vietnam. Vietnam's pepper market share in China's total imports increased from 29.54% in the first 5 months of 2022 to 39.39% in the first 5 months of 2023.

Domestic coffee prices approach 67,000 VND/kg

From the price base of last week, today's domestic coffee prices and Robusta coffee prices on the London floor opened the week at high levels. Arabica coffee prices remained relatively stable.

Although it was predicted that coffee prices would decrease due to some positive information from the additional supply of Robusta coffee on the London (UK) floor, coffee prices unexpectedly increased sharply last week.

Right from the beginning of the week, domestic coffee prices increased slightly. Although there were 3 consecutive days of price decrease in the middle of the week, the decrease was very gentle, only about 200 - 300 VND/kg. Meanwhile, in the last trading session of the week (July 8), domestic coffee prices increased "suddenly" to 1,900 VND/kg, pushing coffee prices to a peak of nearly 67,000 VND/kg.

Domestic coffee prices increased thanks to the strong increase in Robusta coffee prices on the coffee futures exchange. In the last trading session of the week, Robusta coffee prices increased to more than 110 USD/ton for the coffee delivery period in September 2023, with relatively good trading volume.

In the domestic market, coffee prices today are approaching the peak of 67,000 VND/kg. In the Central Highlands provinces, they range from 66,300 - 66,800 VND/kg. In particular, coffee prices in districts of Lam Dong province are generally at 66,300 VND/kg; coffee prices in Gia Lai and Kon Tum provinces are generally at 66,400 - 66,500 VND/kg. The average price of coffee beans in Dak Lak province is 66,700 VND/kg and the price of coffee in Dak Nong province is still at the highest level of 66,800 VND/kg.

Gasoline pricesextending the upward momentum from last week

Today (July 10), the world oil price continued to increase from last week. Brent oil price increased to over 78 USD/barrel, while WTI oil price approached 74 USD/barrel.

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 July 3 of the Ministry of Finance - Industry and Trade. Accordingly, gasoline and oil prices are adjusted down.

Accordingly, the price of RON 95 gasoline dropped to VND21,420/liter. The price of E5 RON 92 gasoline dropped to VND20,470/liter. The price of diesel oil was VND18,160/liter. The price of kerosene was VND17,920/liter.

On the world market, gasoline prices today (July 10) continued the upward trend of last week.

Last week, world oil prices increased sharply. Brent oil prices jumped to a "peak" in the past 9 weeks.

In the five trading sessions of the week, oil prices increased in three sessions, decreased in one session and remained unchanged in one session. Oil prices received a boost last week after data showed a sharp decline in US crude oil reserves and concerns surrounding supply cuts from major oil producers in the world.

Despite the rally last week, oil prices started the week with a slight decline. In the first trading session of the week, WTI and Brent crude prices both fell more than 1% due to concerns about a slowing global economy and the possibility of a US interest rate hike.

Thus, world oil prices increased for the second consecutive week last week. Overall, both benchmark oil products increased by about 5% for the week.

Experts say oil prices will continue to rise this week due to the possibility that the US Federal Reserve (Fed) will continue to raise interest rates and the US is planning to buy an additional 6 million barrels of oil for its strategic reserves.