Pepper prices on 08/16/2024: Slightly decreased

Pepper prices on August 16 globally

Globally, the peppermarket on August 16 shows a slight upward trend.

Specifically, the price of black pepper Lampung in Indonesia increased by 0.03%, reaching $ 7,426/ton. The price of white pepper Muntok from this country also slightly rose by 0.03%, standing at $ 8,744/ton.

The price of black pepper Kuching ASTA from Malaysia remains steady at $ 8,500/ton, while white pepper ASTA from this country is priced at $ 10,400/ton.

In Brazil, the price of black pepper ASTA 570 continues to trade at $ 6,175/ton.

In Vietnam, the export price of black pepper 500 g/l has dropped to $ 5,800/ton, while the 550 g/l variety is trading at $ 6,200 USD/ton. Meanwhile, the export price of white pepper remains stable at $ 8,500/ton.

Global pepper prices today continued their upward trend in Indonesia while remaining stable in other markets.

Thus, global pepper prices on 08/16/2024 saw a slight increase in Indonesia compared to the previous day.

Pepper prices on August 16 domestically

In the domestic market, pepper prices on August 16 saw a uniform decrease of VND 1,000 compared to yesterday.

Specifically, Dak Lak is now purchasing pepper at VND 139,000/kg.

In Dak Nong, pepper prices have dropped to VND 139,000/kg.

In Gia Lai, pepper is trading at VND 139,000/kg.

Prices in Dong Nai have decreased by VND 1,500, with traders purchasing pepper at VND 138,500/kg.

Similarly, in Ba Ria - Vung Tau, the price has decreased to VND 138,500/kg.

Meanwhile, in Binh Phuoc, pepper is trading at VND 138,000.

Domestic pepper prices today experienced a slight decrease after two consecutive days of strong increases, dropping below VND 140,000/kg.

Since the beginning of the week, the prices of pepper and coffee in the domestic market have been inversely related. When coffee prices rise, pepper prices tend to fall, and vice versa. However, both of these agricultural products share the common factor of low supply and declining exports.

Vietnam's pepper exports for the first seven months of 2024 have reached 164,357 tons, compared to a 2024 harvest estimate of around 170,000 tons, leaving a very low estimated remaining quantity. The inventory from the 2023 crop, combined with 2024 imports of about 40,000 - 45,000 tons, contributes to the current stock.

Clearly, the export supply from August through the end of the year will be lower than in previous years and is expected to continue until March 2025 when the 2025 harvest is anticipated to begin.

Higher prices are leading to decreased demand for pepper in many markets, resulting in a continuous reduction in Vietnam's pepper exports in recent months.

Thus, domestic pepper prices on 08/16/2024, are trading around VND 138,000 - 139,000/kg.

$ 1 = VND 24.860 - Source: Vietcombank.