According to forecasts, pepper prices on November 8 tend to increase again due to year-end consumption demand from international orders that can help keep prices at a level that is not too low.
The end of the year is the period when large export contracts are often signed and completed, helping to maintain a stable consumption market. Some experts believe that if the supply from growing areas continues to be abundant, pepper prices will likely remain around VND138,000 - 140,000/kg in the short term.
The increase in the USD exchange rate is also a factor that needs attention. When the USD increases in value compared to the VND, Vietnamese pepper may become more attractive in the international market, creating momentum for domestic pepper prices to stabilize or tend to increase slightly in the coming period.
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| Pepper price forecast for November 8, 2024: Can the pepper market recover and increase again? |
In the domestic market, pepper prices today, November 7, 2024, in the Southeast region decreased sharply by 4,500 - 5,000 VND/kg in most key regions, trading around 135,000 - 136,000 VND/kg; the highest purchase price in Dak Nong and Dak Lak provinces.
Accordingly, Dak Lak pepper price was purchased at 136,000 VND/kg, a sharp decrease of 5,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 135,500 VND/kg, a sharp decrease of 4,500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 136,000 VND/kg, a sharp decrease of 5,000 VND/kg compared to yesterday.
In Binh Phuoc , pepper price today is at 135,000 VND/kg, down 5,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 135,500 VND/kg, down 4,500 VND/kg compared to yesterday.
Update on world pepper prices Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,671 USD/ton, down 0.18% compared to yesterday, the price of Muntok white pepper at 9,133 USD/ton, down 0.19% compared to yesterday.
The price of Brazilian ASTA 570 black pepper is at 6,400 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 11,000 USD/ton.
In particular, the price of Vietnamese black pepper is stable at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; and white pepper price at 9,500 USD/ton.
Recently, the market has been assessed to have pushed prices higher than the actual supply and demand. Experts say that pepper prices are being adjusted to their true value at the present time.
The global pepper market saw little change last week, with demand picking up in major markets such as the US, EU and Asia, while the Middle East and China remained subdued. Inventory levels have fallen significantly, prompting farmers and dealers to limit sales as pepper prices eased slightly.
The unstable global economic situation is negatively affecting the global demand for pepper. Rising inflation and the risk of economic recession in many countries are causing consumers to tighten their spending, reducing the demand for non-essential items such as pepper.
In the short term, the pepper market is expected to continue to face many fluctuations. Pepper prices may remain stable or decrease slightly due to limited supply and no signs of strong recovery in demand. However, in the long term, when the world economy is more stable and climate change adaptation solutions are effectively implemented, the pepper market may recover and develop again.
*Information for reference only. Prices may vary depending on time and location.
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