Pepper prices on 06/18/2024: Sharp increase of VND 3,000/kg

Pepper prices on June 18 globally

On the global market, the black pepper market on June 18 remains stable.

Specifically, the price of Lampung black pepper in Indonesia is stable at $ 6,418/ton. Meanwhile, the price of Muntok white pepper from the same country is holding steady at $ 8,377/ton.

Black pepper Kuching ASTA from Malaysia is maintaining stability at $ 4,900/ton, while their white pepper ASTA is priced at $ 7,300/ton.

In Brazil, the price of ASTA 570 black pepper is currently at $ 7,900/ton.

In Vietnam, the export price of black pepper 500 g/l is trading at $ 7,800/ton, and the 550 g/l variety remains at $ 8,000/ton. White pepper's export price is stable at $ 12,000/ton.

Today global pepper prices remain stable with no new developments. There were no reports of price decreases from any country last week.

In India, both domestic and international pepper prices continue their upward trend from the previous month. Sri Lanka's domestic black pepper prices have also been steadily increasing over the past five weeks.

Brazilian black pepper and Chinese white pepper prices continue to rise. The price hike in Brazil is attributed to the off-season in Espirito Santo.

In Southeast Asia, both domestic and export pepper prices in Indonesia have seen increases since last week due to low market inventory. Malaysia's domestic pepper prices have risen, while export prices remain unchanged. Meanwhile, Cambodian black pepper prices remain stable and unchanged.

In Vietnam, both domestic and international pepper prices have been on the rise since early May. This increase is driven by low local stocks and reduced harvests in the country.

Thus, on 06/18/2024, global pepper prices continued to show no significant change compared to yesterday.

Pepper prices on June 18 domestically

In the domestic market, on June 18, there was a strong increase of VND 3,000/kg compared to yesterday's prices for black pepper.

Specifically, Dak Lak province is purchasing black pepper at VND 160,000/kg.

Dak Nong province is trading black pepper at VND 161,000/kg today.

Gia Lai province has set its price at VND 158,000/kg for pepper.

Traders in Dong Nai province are buying black pepper at VND 158,000/kg.

Ba Ria - Vung Tau province has increased its price to VND 159,000/kg for black pepper.

Meanwhile, in Binh Phuoc province, black pepper is being traded at VND 158,000/kg.

Today, domestic black pepper prices surged significantly, pushing this commodity comfortably above the VND 161,000/kg mark.

According to Mr Phan Minh Thong, Chairman of Phuc Sinh Group, as pepper prices hit record highs, speculators began aggressively selling, causing a downturn. However, Mr. Thong believes pepper prices are unlikely to drop sharply due to reduced supply this year.

Mr. Le Viet Anh, Secretary General of VPSA, assessed that pinpointing the exact reasons for pepper price fluctuations is challenging. Nonetheless, he emphasized that pepper prices could experience volatile declines if large investors engage in speculative buying.

"Farmers tend to hold back when prices rise, but businesses refrain from buying in, leading to price declines after peaking", Mr Viet Anh evaluated.

Forecasters predict that domestic pepper prices will remain above VND 100,000/kg, especially since the harvesting season ended in April and agricultural land continues to shrink in favour of industrial zones. Mr Viet Anh anticipates that domestic pepper prices will rise again not only in Vietnam but also globally.

Thus, on 06/18/2024, domestic pepper prices are trading around VND 158,000 - 161,000/kg.

$ 1 = VND 25.221 - Source: Vietcombank