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DECEMBER 18,2023: PEPPER MARKET IS GOING UP OR DOWN THIS WEEK?
|Dec 18, 2023
Pepper price today December 18 is in the range of 82,000 - 85,500 VND/kg. Sources of goods for export are drying up and forecasts of crop failure have helped push up pepper prices recently. However, the domestic market is also experiencing many speculative and "price-fixing" activities by traders.
In Dak Lak and Dak Nong provinces, today's pepper price is purchased at 85,000 VND/kg.
In Gia Lai province, today's pepper price is at 82,000 VND/kg.
Meanwhile, in Dong Nai, today's pepper price is at 82,500 VND/kg.
In Ba Ria - Vung Tau province, pepper price today is at 85,000 VND/kg.
In Binh Phuoc province, today's pepper price is purchased at 85,500 VND/kg.
Pepper prices today remained stable in localities compared to the same time yesterday. The market had 6 consecutive days of increase last week, pushing domestic pepper prices up an average of 8,000 VND/kg.
Experts say that the source of goods for export is running out, along with forecasts of crop failure, pushing up pepper prices recently. Along with that, the weakening USD helps pepper prices increase. However, the domestic market is also experiencing many speculative and "price-fixing" activities by traders.
Overall, the increasing momentum of pepper before the new crop season in Vietnam is indisputable, but after strong increases, there will be small adjustments. Therefore, before the Christmas and New Year holidays, the market is expected to have an adjustment period to rebalance. Experts assess that the upward force this week is still there, but not as strong as last week.
Not only Vietnam but also the output of many pepper-growing countries such as India and Brazil is forecast to be unfavourable due to the impact of the bad weather El Nino. Meanwhile, in the first quarter of 2024, purchases from Western countries may accumulate simultaneously due to depleted inventories. This will help push domestic pepper prices to continue to increase.
The cumulative export volume of pepper in the first 11 months of 2023 reached a total of 245,665 tons of pepper of all kinds, an increase of 40,412 tons, or an increase of 19.69% compared to the export volume in the first 11 months of 2023.
Regarding the value of export turnover in the first 11 months of 2023, it reached a total of 833.19 million USD, down 63.86 million USD, or down 7.12% over the same period.
The average export price of pepper in November 2023 reached 3,839 USD/ton, an increase of 1.78% compared to the average export price of October 2023.
According to Kinhtedothi.vn
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