Pepper prices on 07/16/2024: Domestic prices remain steady

Pepper prices on July 16 globally

On the global market, the pepper prices on July 16 show a slight decrease in Indonesia but remain unchanged in other countries.

Accordingly, the price of black pepper Lampung in Indonesia decreased by 0.11%, to $ 7,203/ton. Meanwhile, the price of white pepper Muntok in this country decreased by 0.12%, to $ 9,171/ton.

The price of black pepper Kuching ASTA in Malaysia remains at $ 7,500/ton, while white pepper ASTA in this country is priced at $ 8,800/ton.

In the Brazilian market, the price of black pepper ASTA 570 remains at $ 7,150/ton.

In Vietnam, the export price of black pepper of 500 g/l grade is traded at $ 6,000/ton, and the 550 g/l grade is traded at $ 6,600/ton. The export price of white pepper remains at $ 8,800/ton.

World pepper prices today only slightly decreased in Indonesia, while other markets remained steady.

Thus, world pepper prices on 07/16/2024 decreased slightly in Indonesia compared to yesterday.

Pepper prices on July 16 domestically

In the domestic market, pepper prices on July 16 remained unchanged compared to yesterday.

Specifically, Dak Lak continues to purchase pepper at VND 150,000/kg;

Today's pepper price in Dak Nong remains at VND 151,000/kg;

Similarly, today's pepper price in Gia Lai continues to be purchased at VND 150,000/kg;

Traders in Dong Nai are trading pepper at VND 150,000/kg;

The pepper price in Ba Ria - Vung Tau today stays at VND 151,000/kg;

Meanwhile, traders in Binh Phuoc are still trading pepper at VND 150,000/kg.

Domestic pepper prices today are quiet with few transactions. The highest price for this agricultural product is currently at VND 151,000/kg.

Many had hoped that the increased purchasing from China in the third quarter of 2024 would help the market improve, but so far, there are no signs of this. The volume of pepper exported to China remains very low compared to previous years.

Many experts believe that this year's pepper price trends are not following the patterns of previous years. This period is considered a time of supply shortage because Vietnam, which supplies 50% of the world's pepper, finished its harvest in March, while Brazil's harvest has not yet started, and Indonesia and Malaysia's peak harvest period is around July.

Lower supply compared to demand is the reason for the upward trend in pepper prices in all markets, not just in Vietnam. Maintaining the primary global supply in recent months has helped Vietnam's pepper prices rise sharply, even during the harvest season.

Looking at the long term, over the next 3-5 years, the production volume of pepper is unlikely to meet the world's consumption demand. Therefore, Vietnam's pepper industry still has many opportunities to develop and maintain the current growth trend.

Thus, domestic pepper prices on 07/16/2024, are trading around VND 150,000 - 151,000/kg.

$ 1 = VND 25.207 - Source: Vietcombank.