Pepper market February 24, 2024: Domestic pepper prices turned around after 4 days of strong increase

 

Pepper price today February 24 is in the range of 92,500 - 95,500 VND/kg. After 4 days of strong increases, the market corrected slightly. This week, pepper prices decreased in India and remained stable in Indonesia while the domestic market in Vietnam increased sharply.

In Dak Lak and Dak Nong provinces,  today's pepper price is purchased at 92,000 VND/kg.

In Gia Lai province, today's pepper price is 91,000 VND/kg.

Meanwhile in Dong Nai, today's pepper price is at 91,500 VND/kg, down 3,500 VND/kg.

In Ba Ria - Vung Tau province, pepper price today is at 91,000 VND/kg, down 3,000 VND/kg.

In Binh Phuoc province, today's pepper price was purchased at 91,500 VND/kg, down 3,500 VND/kg.

Pepper prices today decreased by 2,500 - 3,500 VND/kg in localities in the Southeast region, remaining unchanged in the remaining provinces compared to the same time yesterday. After 4 days of strong increases, the market corrected slightly.

This week, many local press agencies have begun to report on the new pepper crop. Most of them show the excitement of farmers when pepper prices increase, but they also show a decline in output, favorable harvesting staff, and more speculative psychology than last year.

Pepper prices in the domestic market increased due to limited supply, while businesses still had a need to buy to ensure export progress.

According to statistics from the Department of Crop Production and Plant Protection of Ba Ria-Vung Tau province, up to now, Ba Ria-Vung Tau province is cultivating more than 10,400 hectares of pepper, down more than 280 hectares compared to the beginning of 2023.

According to the Department of Agriculture and Rural Development of Gia Lai province, by the end of 2023, the whole province will have 8,798 hectares of pepper, with an output of about 28,580 tons. Data from the Ministry of Agriculture and Rural Development shows that the pepper growing area in Vietnam in 2023 will reach 115 thousand hectares, down 5,000 hectares compared to 2022. Output in 2023 will reach 190 thousand tons, an increase of 3.8% compared to 2022.

At the end of the most recent trading session, the International Pepper Community (IPC) listed Lampung (Indonesia) black pepper price at 3,922 USD/ton, an increase of 0.25%; Brazilian black pepper price ASTA 570 is at 4,350 USD/ton; Kuching (Malaysia) ASTA black pepper price remained at 4,900 USD/ton.

Muntok white pepper price was 6,184 USD/ton, up 0.26%; Malaysian ASTA white pepper price is still at 7,300 USD/ton.

Vietnam black pepper price is trading at 3,900 USD/ton with 500 g/l type, 550 g/l type at 4,000 USD/ton; White pepper price is at 5,700 USD/ton.

IPC assesses that this week's pepper market continues to have mixed reactions. Domestic and international Indian pepper prices continue to be reported with a downward trend since last week. Both domestic and international Indonesian pepper prices were stable this week due to few transactions in the market. Meanwhile, Vietnam's domestic pepper prices increased well.

According to KTĐT.vn