Pepper prices on 05/17/2024: Reaching VND 113,000/kg

Pepper prices on May 17 globally

In the global market, the pepper market on May 17 remains stable.

The price of black pepper seeds Lampung in Indonesia remains at $ 4,906/ton. Meanwhile, the price of white pepper seeds Muntok from the country is at $ 6,451/ton.

The price of black pepper Kuching ASTA from Malaysia maintains stability at $ 4,900/ton, while white pepper ASTA from the same country is still priced at $7,300/ton.

In the Brazilian market, the price of black pepper ASTA 570 is $ 5,000/ton.

In Vietnam, the export prices of black pepper, grades 500 and 550 g/l, remain steady at $ 4,600 and $ 4,700/ton, respectively. The export price of white pepper remains at $ 6,600/ton.

Thus, the global pepper prices on 05/17/2024, remain unchanged compared to yesterday.

Pepper prices on May 17 domestically

In the domestic market, the pepper market on May 17 continues to heat up compared to yesterday.

Specifically, in Dak Lak, prices surged by VND 6,000, with pepper being purchased at VND 112,000/kg;

In Dak Nong, today's pepper price soared by 7,500 VND to reach VND 113,000/kg.

Similarly, pepper prices in Gia Lai increased by VND 6,500, reaching the threshold of VND 112,000/kg;

Traders in Dong Nai province are purchasing pepper at VND 112,000/kg, marking an additional increase of VND 6,000;

The latest pepper price in Ba Ria - Vung Tau is VND 112,000/kg, witnessing a significant increase of VND 5,000;

Likewise, traders in Binh Phuoc province have traded pepper at VND 112,000/kg.

The domestic pepper price today surged by an additional VND 7,500, pushing this agricultural product to a high of VND 113,000/kg. Just after 2 consecutive days of increase, the domestic pepper price has added nearly VND 10,000/kg.

The forecast of low supply from now until the end of the year continues to drive the pepper market to consecutive high levels. The decreasing supply is due to the impact of adverse weather conditions and farmers narrowing their cultivation areas.

Furthermore, the high hoarding mentality as life becomes more affluent also helps farmers proactively manage their stock.

In the long term, the demand for spices will continue to rise while Vietnamese pepper is ageing, and current prices are still not stimulating farmers to plant more. Therefore, inventories in the next 3 - 5 years will continue to decrease.

A similar situation is occurring in other leading pepper-exporting countries besides Vietnam. In Brazil, pepper from this country has always been considered "cheap" until now, nearly reaching the level of Vietnam.

The upcoming harvest is predicted to have reduced output, and the country's exporters are also slowing down the pepper supply process to wait for new price increases.

In the first 4 months of 2024, Vietnam's import share has decreased by about 12% compared to the same period last year. According to statistics from VSPA, it is 4.5%.

Thus, the domestic pepper price on 05/17/2024 is trading around VND 112,000 - VND 113,000/kg.

$ 1 = VND 25.220 - Source: Vietcombank