Vietnam pepper market update 26th February 2024 – Week 8

 

Pepper Market Up 8% last week and Up 12.6% from Jan 2024.

 • On Saturday 24th Feb, the price of black pepper decreased after reaching a peak of 98,000 VND on February 22nd, 2024. By the end of the week, the price had increased again to 94,000 VND. Overall, the price of black pepper increased by 8% from the last week. Since the beginning of 2024, the price of black pepper has also increased by 12.6%.

 
• Many farmers and agents have the thought that coffee prices may be difficult to increase by an additional $400/MT this year. However, black pepper prices could potentially increase by $1000 - $1500/MT in the near future. Therefore, many farmers and agents continue to prioritize selling coffee and switch to storing black pepper, leading to a lower volume of black pepper being traded on the market compared to previous years.
 
• On many social media forums (with over 200,000 members), many farmers have started to have expectations that black pepper prices will continue to increase by at least 20-30% in the near future. This has strengthened the sentiment of storing black pepper in farming communities. Farmers are increasingly confident in the price increase cycle of black pepper and almost refuse to sell when the market adjusts downwards.