Week 9 ended firm on Saturday at level 96,000 VND per kg after some reported covering from shippers that had happened at level 95,000 VND.
Overall, since the beginning of the year, black pepper prices have increased by about 14%. Having about an upsurge of 28% for February this year compared to last year same month period, while about 15% beginning March in comparison to last February beginning.
Speculations continues as most of the farmers are allegedly a firm believer that pepper price cycle is set to a new record high. Further, with coffee and durian that are keeping them well funded, there seems to no selling pressure happening despite a reported 50% harvested crop already with farmers that are opting to store their pepper, waiting at the right time and price to sell it.
Today, market remains firm, opening up with some buying demand happening.
Muntok White Pepper remains stable to firm still being influenced by Vietnam bullish trend in addition to raw material that are very scarce.
Brazil still few offers available. Local material last seen at level 19 BRL/kg.
In terms of ocean freight scenario, with Red Sea situation that continues to impact the capacity and equipment, carriers are announcing GRI/PSS/contingency charges with pressure for the additional cost involve for the rerouting via Cape of Good Hope. Expectations are that the Peak Season quantum will be mitigated or even softens by March month but that would remain to be seen.
Overall, since the beginning of the year, black pepper prices have increased by about 14%. Having about an upsurge of 28% for February this year compared to last year same month period, while about 15% beginning March in comparison to last February beginning.
Speculations continues as most of the farmers are allegedly a firm believer that pepper price cycle is set to a new record high. Further, with coffee and durian that are keeping them well funded, there seems to no selling pressure happening despite a reported 50% harvested crop already with farmers that are opting to store their pepper, waiting at the right time and price to sell it.
Today, market remains firm, opening up with some buying demand happening.
Muntok White Pepper remains stable to firm still being influenced by Vietnam bullish trend in addition to raw material that are very scarce.
Brazil still few offers available. Local material last seen at level 19 BRL/kg.
In terms of ocean freight scenario, with Red Sea situation that continues to impact the capacity and equipment, carriers are announcing GRI/PSS/contingency charges with pressure for the additional cost involve for the rerouting via Cape of Good Hope. Expectations are that the Peak Season quantum will be mitigated or even softens by March month but that would remain to be seen.
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