Based on this year’s crop developments, it can be confirmed that the price increase cycle can last until April, 5 years after Vietnam enters the harvest of the new crop.
This afternoon, September 14, the price of pepper in Ba Ria-Vung Tau market set a new record of 145,000 VND/kg, while in other provinces’ markets, 5,000 VND/kg lower on average.
In just the past 1 month, the domestic price of pepper has increased by 18.03 %. The increase was so strong that it turned some pepper farmers into agricultural speculators.
Yesterday’s session, world pepper prices on the Kochi-India futures market grew in the opposite direction. Futures near September fell by Rs 51, while those far from October and November increased by Rs 69 and Rs 25 respectively. Closing the session, pepper prices stood at Rs 33,657 per quintal, Rs 34,570 per quintal and Rs 34,984 per quintal, respectively, equivalent to $7,323/ton, $7,522/ton and $7,612/ton for the September, October and September tenors. 11.
The movements of the world pepper futures market in recent sessions showed that this was just a correction session. At the same time, it is forecasted that pepper futures prices are still in the trend of continuing to grow in an unpredictable direction in the short term but increasing at the end of the year.
Although in July, August, there are many articles predicting pepper prices will decrease during the Muslim fasting month based on historical market movements. But because the world’s reserves are getting lower and lower, the consumption demand is increasing while the main pepper producing countries have just had another bad crop, so it is inevitable that the world price of pepper will continue to rise. .
Since Vietnam replaced India to keep the world’s No. 1 pepper export position, after the Muslim fasting month, the world pepper price cycle increased. Based on this year’s crop developments, it can be confirmed that the price increase cycle can last until April, 5 years after Vietnam enters the harvest of the new crop.
Vietnam’s export price of pepper also increased to a new level, 500Gr/l-FAQ black pepper priced at 7,000 USD/ton and 550 Gr/l-FAQ grade priced at 7,400 USD/ton, 630 Gr/l-FAQ white pepper price 9,500 USD/ton and DW 630 Gr/l priced at 9,800 USD/ton, an increase of 100-150 USD/ton.
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