Pepper prices’ volatility in one month. Source: tintaynguyen.com. — Graphics: Ly Ly Cao Viet Nam pepper prices rose to a one-year high on Wednesday, driven by Chinese consumption recovery and higher demands from local businesses. Farmers in the Central Highlands and the south of Viet Nam sold pepper at VND48,000 – 50,000 (US$2.08-2.17) per kilo on Wednesday, depending on the location, a 26.6 – 31.1 per cent increase from last month, according to tintaynguyen.com. The price in Ba Ria – Vung Tau Province reached VND50,000, the highest since January 2019. Domestic pepper prices have surged in the last few weeks because the Chinese market has recovered from the deadly COVID-19 pandemic, and local companies have stepped up buying to fulfil their contracts. “Recently, pepper prices have increased. There are several reasons for this improvement. Firstly, COVID-19 in China is basically over, so demands from Chinese customers are higher,” said Nguyen Nam Hai, President of the Vietnam Pepper Association (VPA). “Secondly, many local businesses sold their stock before the contracts were due, so now they are rushing to buy pepper from farmers to meet demands from their customers.” With the surging prices, farmers have stopped selling their stock, pushing prices even… Read full this story
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