Pepper Market on November 10, 2024: Last week's market decreased by 500 - 1,000 VND
In the world market
Updated from the International Pepper Community (IPC), at the end of last week, the price of Indonesian Lampung black pepper was listed at 6,706 USD/ton, a slight increase of 0.3% compared to the beginning of the week.
In contrast, Kuching Malaysia black pepper prices fell 1.2% last week to $8,400/ton. Similarly, Brazilian ASTA 570 black pepper prices also fell 1.6% to $6,300/ton.
Vietnam's export prices of 500 g/l and 550 g/l black pepper continued to move sideways in the range of 6,500 - 6,800 USD/ton.
Update pepper information
According to information from Dak Nong Newspaper , according to Mr. Le Anh Son, Director of Binh Minh Cooperative in Ea Po commune, Cu Jut district, the pepper market has fluctuated strongly since the beginning of 2024.
In 2023, pepper prices were at 65,000 - 70,000 VND/kg, but by 2024 they fluctuated at 140,000 - 150,000 VND/kg, at times reaching 160,000 VND/kg.
Vietnam's pepper is mainly exported and the reduced supply is the main reason for the high price. This year, businesses have had difficulty purchasing pepper due to reduced output.
Mr. Son said that in the past, most pepper farmers harvested, dried, and transported all the products to agents and businesses for consignment or sale.
However, in recent years, farmers have focused on understanding market information and changing the way they sell. Farmers build warehouses to store pepper at home and only sell it when they need money.
Farmers have become more involved in the process of determining pepper prices. Farmers rarely consign, leading to the chain of purchasing systems from agents, businesses, and export units not knowing exactly the pepper output of Vietnam in general, and Dak Nong in particular. This is also a factor contributing to the increase in pepper prices.
The above changes are in accordance with the law of supply and demand of the market. This forces businesses, including pepper buyers and sellers, to change.
According to Mr. Son, if businesses continue to purchase pepper by signing fake contracts with exporters as before, they will easily face the risk of a shortage of goods.
Dak Nong has the largest area and output of coffee and pepper in Vietnam. Currently, the province has about 33,800 hectares of pepper, with an output of 70,685 tons; 131,000 hectares of coffee , with an output of 360,000 tons.
According to VietnamBiz.vn
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