This morning, August 17, the price of pepper has surpassed the 124,000 VND/kg mark to aim for higher levels this week.
On the afternoon of Saturday, August 13, the domestic price of bucket pepper in Ba Ria-Vung Tau stood firm at 120,000 VND/kg while the world pepper price increased in the last session of the week. Therefore, on Sunday, August 14, traders pushed the price up to 122,000 VND/kg and increased purchasing. The sales volume of gardeners also increased significantly.
On Monday 15/8, the selling power decreased. A trader said that the stock of goods in the people has shown signs of exhaustion after this sharp increase. Meanwhile, the futures market celebrates the traditional Indian festival of Rakshabandhan,
On Tuesday 16/8, the world pepper market had the first trading session of the week, the price increased like a storm. Closing the session, futures for delivery in August, September and October increased by Rs 1,177, Rs 1,226 and Rs 1,266, respectively, to Rs 30,976 per quintal, Rs 31,666 per quintal and Rs 32,016 per quintal, equivalent to $6,891/ton, $7,045/ton and $7,123/ton, setting a new record for pepper prices in the futures market.
At that time, the price of pepper in the Ba Ria-Vung Tau market also set a new 15-year record at 124,000 VND/kg for Vietnamese pepper, as expected.
When asked why the price of pepper in Ba Ria-Vung Tau is often higher than other areas from 2,000-5,000 VND/kg, exporters, traders and agents all agree that pepper here is very good. As a result, through grading and processing, the recovery rate of high quality seeds is much higher than that of pepper grown in low and dry climates.
The world pepper price is breaking out strongly because of the increased buying demand when entering the Muslim fasting month. Limited supply from the main producing countries and high demand in the spot market were the main reasons for the price increase, analysts said.
In the export market, Indian pepper often has a competitive price compared to that of many countries. Because the supply of this country is increasingly limited, buyers have come to our country to push up pepper prices. The average export price of pepper increased by 250-400 USD/ton depending on the type compared to the beginning of the month.
Earlier this year, the International Pepper Association (IPC) made a forecast, the global market will continue to be short of nearly 45,000 tons in 2011, compared to a shortfall of 53,000 tons the previous year. The Vietnam Pepper Association (VPA) also said that the domestic price of black pepper in buckets is likely to increase to 110,000 – 120,000 VND/kg, the export price will also increase to more than 6,000 USD/ton of black pepper and 8,000 USD/ton of white pepper. .
In fact, the recent volatility of commodity prices on all world markets has pushed VPA’s assessment to come true soon.
However, it is also necessary to recall the lesson of 2008, the price of pepper used to be high and left for the owners, both gardeners and trading companies, a lesson to remember for a lifetime. In 1996, the domestic price of pepper also increased by over 140,000 VND/kg when the world price increased to over 7,800 USD/ton.
According to the Customs statistics report in July, our country has exported 13,168 tons of pepper of all kinds with a turnover of 78,466 million USD.
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