Pepper prices continuously set new peaks, it's forecasted that October exports will increase sharply.
It can be said that pepper prices are increasing day by day. Normally, the price will adjust down a bit before going up again. However, this time there is only increase and increase.
Southern provinces have resumed normal business from October 1st. All pepper factories started to resume production. Exporters stepped up to consolidate goods to meet fourth-quarter orders and make up for stockpiles.
This price increase is expected to continue in the last months of the year because the pepper production of Vietnam as well as some major pepper producing countries such as Brazil and Indonesia is affected by climate change, so the annual output is expected to continue 2021 plummets.
According to statistics of the Ministry of Agriculture and Rural Development, in the first nine months of 2021, although the export volume of pepper decreased (reaching 213,000 tons, down 3.3%), but thanks to the increase in average price, the export value still remained. increased (reaching USD 710 million, up 51.9%). The main markets are still the US, China, the Middle East and Europe.
In our opinion, October pepper prices will continue to increase. However, the positive point is that prices will make this year's peak in October. We think November and December pepper prices will either move sideways or correct a bit from the peak reached in October before the new crop starts to arrive at the end of the season. this year. Let's wait and see what the price level at the October peak will be.
BP 500 FAQ @$4,080
BP 500 MC @$4,450
BP 550 MC @$4,550
BP 5MM BOLD @$4,800
White Pepper @$6,250
Price subject for final confirmation.
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