| Pepper price forecast for August 7, 2024: Continuing the sharp decline, is a sudden surge unlikely? Pepper price forecast for August 8, 2024: Continuing the decline, but unlikely to fall further? |
Pepper prices are forecast to rebound sharply on August 9, 2024. Experts believe that supply shortages compared to demand will continue to be observed in the market in the coming period. In addition, rapidly increasing shipping costs and port congestion in Asia are also impacting prices in importing markets and could cause shipping delays, leading to price increases in the medium and long term.
The Import-Export Department ( Ministry of Industry and Trade ) predicts that the Vietnamese pepper industry will benefit from favorable prices in the near future due to scarce supply. This could also open up opportunities for Vietnam to increase its market share and further strengthen its position in key markets such as the US, China, and Europe.
According to the Vietnam Pepper and Spice Association (VPSA), the supply shortage will cause pepper prices to continue to experience unusual fluctuations in the coming period, similar to what happened on June 11th when prices surged by 20,000 VND/kg in the morning but then dropped sharply again in the afternoon.
In the domestic market, today, August 8, 2024, pepper prices in the Southeast region continued to decrease by 2,000 VND/kg in some localities compared to yesterday, trading around 135,000 - 137,000 VND/kg. The highest purchase price was in Dak Nong, Dak Lak , and Gia Lai provinces at 137,000 VND/kg.
 |
| Pepper price forecast for August 9, 2024: Supply shortage, will pepper prices rise again? |
Specifically, the price of pepper in Dak Lak is being purchased at 137,000 VND/kg, a decrease of 2,000 VND/kg compared to yesterday. The price of pepper in Chu Se (Gia Lai) is also being purchased at 137,000 VND/kg, a decrease of 2,000 VND compared to yesterday. The price of pepper in Dak Nong today is recorded at 137,000 VND/kg, a decrease of 2,000 VND/kg compared to yesterday.
In the Southeast region, pepper prices today decreased by 2,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 136,000 VND/kg, down 6,000 VND/kg from yesterday; in Binh Phuoc, the price is 135,000 VND/kg, down 5,000 VND/kg from yesterday.
Domestic pepper prices on August 8, 2024
 |
According to the International Pepper Association (IPC), at the close of the most recent trading session, the IPC listed Indonesian Lampung black pepper at US$7,211/ton, up 0.49%, and Muntok white pepper at US$8,836/ton, also up 0.49%.
Brazilian ASTA 570 black pepper prices stood at $6,400/ton, down 5.47%. Malaysian ASTA black pepper prices remained stable at $8,500/ton; Malaysian ASTA white pepper prices reached $10,400/ton.
Vietnamese black pepper prices remained consistently high, trading at US$6,000/ton for the 500 g/l variety; US$6,600/ton for the 550 g/l variety; and white pepper at US$8,800/ton.
On a macroeconomic level, major stock markets around the world have just experienced a sharp decline and volatility, amid investor concerns that the US economy will slow down much more abruptly than expected.
China's economic growth has not met expectations and has slowed down. This has led to tighter consumer spending or sufficient inventory levels, causing China to continue restricting its pepper purchases from Vietnam.
The current lower price of pepper in the Chinese market compared to Vietnam may be the main reason for the restrictions on pepper imports from Vietnam.
Global supply is expected to be supplemented as Indonesia enters its harvest season. At a meeting at the end of July, the Vietnam Pepper and Spice Association predicted that next season's production could be equivalent to or slightly higher than in 2024. Furthermore, while pest and disease problems remain, they are not significant. This information alleviates concerns about future supply and has contributed to a decrease in market demand.
Experts also do not rule out the possibility that many market participants are driving down pepper prices sharply in order to accumulate stock during this period.
*This information is for reference only. Prices may vary depending on the time and location.
Source: https://congthuong.vn/du-bao-gia-tieu-ngay-982024-thieu-hut-nguon-cung-gia-ho-tieu-se-tang-tro-lai-337786.html
