Pepper market June 17, 2024: Pepper prices increased again
Pepper price today June 17 is in the range of 160,000 - 161,000 VND/kg, an increase of 3,000 VND compared to last weekend. Currently, the inventory level of traders is assessed at a low level. In particular, some dealers have faced shortages and were unable to buy back when the market increased rapidly.
In the latest report, PTEXIM Corp assessed that the current inventory level of intermediaries, an important link connecting farmers with exporters, is assessed at a low level. In particular, some dealers have faced shortages when they sold out and were unable to buy back when the market increased rapidly. The company said that the above reason causes prices to escalate further.
The average inventory in the hands of intermediaries is very small, the lowest in recent years, due to the increasingly expensive capital cost of black pepper. Purchasing and storing inventory becomes difficult and requires large capital, leading to low inventory levels.
PTEXIM Corp further informed that with Brazil forecast to have a crop failure and slow harvest due to prolonged harsh weather, the price of black pepper at SPOT spot warehouse continuously increased sharply. This leaves many manufacturers unprepared for the year's production needs.
Many importers/processors expect that the supply of raw materials will be supplemented from Brazil and Indonesia, leading to a shortage of raw materials for production because Brazil/Indonesia hardly offers them for sale, causing prices to continuously skyrocket in recent times. via.
Brazilian pepper prices increased sharply, according to reports from Brazilian exporters, the main reason being mass crop failures in Espirito Santom state, the country's main pepper production area.
Currently, experts say that the shipping market is in a more difficult crisis than during Covid-19. In fact, due to the lack of ships, freight prices suddenly increased again, 2 - 2.5 times higher than 2 months ago. The reason for the impact on freight rates is the impact of the ongoing Red Sea crisis in the Panama Canal, and signs of escalation in the US-China trade war.
In addition to supply and demand factors, the above factors are causing commodity prices to increase, setting new floors, including pepper.
Commenting on pepper prices this week, experts say that they are still increasing steadily in all countries, but the domestic market continues to adjust, depending heavily on speculation.
According to KTĐT.vn
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