Pepper prices are forecast to decrease slightly on August 2, 2024. In July 2024, domestic pepper prices decreased by VND 5,000 - 8,000/kg, which is also the first month of decrease after 3 consecutive months of increase due to reduced harvest output in Vietnam and Brazil, causing a shortage of supply.

The average pepper price in the domestic market on August 1st decreased by 6,300 VND/kg compared to the average pepper price of 155,000 VND/kg on July 1st.

In particular, pepper prices in July in Dak Nong recorded the sharpest decrease in key growing areas, up to 8,000 VND/kg.

Pepper price forecast on August 2, 2024: Slight decrease after sideways days

In the domestic market, pepper prices today, August 1, 2024, in the Southeast region, remained unchanged compared to yesterday, trading around 148,000 - 149,000 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces was 149,000 VND/kg.

Specifically, the price of Dak Lak pepper was purchased at 149,000 VND/kg, which was stable compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 148,000 VND/kg, stable compared to yesterday. The price of Dak Nong pepper today was recorded at 149,000 VND/kg, unchanged compared to yesterday.

In the Southeast region, pepper prices today have leveled off compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 149,000 VND/kg, remaining unchanged from yesterday; in Binh Phuoc, pepper prices today remain stable at 148,000 VND/kg compared to yesterday.

Update on world pepper prices from the International Pepper Community (IPC), at this time, Indonesian black pepper prices increased compared to yesterday; Brazilian pepper prices decreased slightly, while Malaysian pepper prices remained unchanged. Vietnamese pepper prices listed today are stable.

At the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,150 USD/ton, up 0.17%, and the price of Muntok white pepper at 8,761 USD/ton, up 0.16%.

The price of Brazilian ASTA 570 black pepper was at USD 6,850/ton, down 1.45%. The price of Malaysian ASTA black pepper was also stable at USD 7,500/ton; the price of this country's ASTA white pepper reached USD 8,800/ton.

Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.

Mr. Le Viet Anh, General Secretary of the Vietnam Pepper and Spice Association (VPSA), commented that the market is in a saturated phase, and actual transactions are not much. One of the expected boosts is the sudden increase in purchasing power from the Chinese market that has not yet occurred. In the first half of 2024, the amount of pepper imported from Vietnam to this market decreased sharply, reaching only 7,453 tons, down 85.2%.

This year, in China's main pepper producing region, crop failure is also worrying, with speculators hoarding goods. According to experts, it is likely that China and European traders are waiting for information and new shipments from the Indonesian harvest.

Commenting on the market in August 2024, experts predict that it will be more positive. The downward trend will end. Low supply in harvesting countries continues to be the driving force for the market to go up.

*Information for reference only. Prices may vary depending on time and location.