Pepper Market September 23, 2024: Prices increased at the beginning of the week
Sep
Pepper price today, September 23, is around 152,000 - 153,000 VND/kg, an increase of 1,000 - 1,500 VND compared to last weekend.
Last week, domestic pepper prices increased by an average of VND2,000-3,000/kg, except for Binh Phuoc. Thus, pepper prices in Binh Phuoc province have fluctuated the least in the past half month. Provinces in the Central Highlands region are fluctuating strongly due to pressure from speculative capital flows.
After a series of declines at the beginning of last week, domestic pepper prices recovered slightly in the last two sessions of the week. The Fed's interest rate cut last week was assessed to have had a negligible impact on domestic pepper prices, while the decline in the USD helped pepper prices in other countries increase well.
According to experts, the reason is that the market is quite quiet due to low supply. After exporting all the pepper harvested in the last crop, the market depends on the amount of pepper stored and imported, which is already quite small.
In the first 15 days of September 2024, Vietnam exported 6,917 tons of pepper, with a total export turnover of 42.3 million USD. Meanwhile, in the first 15 days of August 2024, Vietnam exported 10,082 tons of pepper, with a total export turnover of 58.8 million USD. Compared to the previous month, pepper exports are decreasing sharply, equivalent to 30%.
However, experts still maintain their opinion that domestic pepper prices may exceed 160,000 VND/kg before the harvest season in Vietnam.
One of the main reasons for the recent increase is the limited supply worldwide. Looking at the long term in the next 3-5 years, the amount of pepper produced cannot meet the world's consumption demand. Regarding pepper prices this week, experts say it is unlikely to have a breakthrough, but there are positive signs when the market is on the rise over the last 2 days of last week.
According to KTĐT.v
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