Pepper market on February 15, 2024: Slight increase of 500 VND in Binh Phuoc province

Pepper price today (February 15) increased to about 81,500 – 84,500 VND/kg.

Domestic pepper prices

According to the survey, pepper price increased slightly in some localities, currently fluctuating between 81,500 – 84,500 VND/kg in the domestic market.

According to records, in Dong Nai province, pepper is being purchased at the lowest price of 81,500 VND/kg. Next is Gia Lai with a slightly higher price of 82,000 VND/kg.

The three provinces of Dak Lak, Dak Nong and Ba Ria – Vung Tau continue to maintain the purchasing price at 84,000 VND/kg.

Similar, Pepper price today in Binh Phuoc province also increased by 500 VND/kg to 84,500 VND/kg.

World pepper prices

According to an update from the International Pepper Association (IPC) on February 14 (local time), prices of Lampung black pepper (Indonesia), Brazilian black pepper ASTA 570 and Kuching black pepper (Malaysia) ASTA remain stable. determined.

At the same time of the survey, the prices of Muntok white pepper and Malaysian ASTA white pepper had no new adjustments.

According to records, in Binh Phuoc, in early December 2023, pepper prices fluctuated at 71,000 – 73,500 VND/kg; By the end of this month, pepper prices increased to 80,000 – 83,000 VND/kg.

Currently, the price of Binh Phuoc pepper is being purchased at 84,000 VND/kg. Pepper prices in Dong Nai, Ba Ria – Vung Tau range from 81,100 – 83,500 VND/kg.

Mr. Truong Dinh Ba – Chairman of the Farmers’ Association of Lam San commune (Cam My district, Dong Nai) said that in recent times, the pepper area in Lam San commune has decreased sharply.

This year, pepper prices have increased and farmers are starting to make a profit. “The recovery of pepper prices will help people feel secure in investing in caring for and restoring their family gardens,” Mr. Ba said.

Binh Phuoc Department of Agriculture and Rural Development also said that pepper prices are regaining increasing momentum at the beginning of 2024. This is a good sign for domestic pepper farmers.

Many experts said that the upward trend in pepper prices is clear. But how much it increases and to what extent depends on each stage and factors.

If it is true as speculated that this year’s pepper crop is poor, combined with the US Federal Reserve’s decision to reduce interest rates, domestic pepper prices may increase sharply. The scenario may repeat itself in 2021, and pepper prices may reach 120,000 VND/kg.

Previously, the Vietnam Pepper and Spice Association (VPSA) said that the domestic pepper price in early 2023 reached 57,000 VND/kg, which is the lowest level since March 2021.

Pepper prices increased at the end of the first quarter and will not change much until November 2023. Entering December, prices continuously increased, causing the average price for the whole month to reach 81,000 VND/kg, an increase of 42% compared to the beginning of the year.

VPSA said that pepper trade in 2024 may still be affected by geopolitical conflicts, climate change, and inflation. However, domestic pepper prices are still expected to be better after the Lunar New Year.

After Tet is the time when Chinese traders increase their purchasing power in the market, especially at the beginning of the second quarter of every year. Other markets will also begin to increase purchases again, causing inventory to continue to decrease. This continues to support domestic pepper prices, Online Marketing World page reported.

According to VietnamBiz.vn