Aroma Trading Limited

Market Report January 2004

Cardamom Oil
A combination of poor demand and large crop have led to a price reduction for Guatemalan material. Other origins are expected to reduce their prices also.

Cocoa Butter
Prices at origin for Cocoa Beans have dropped over the Christmas period, as is normal this time of year. News of fresh attempts at a peace inititive in the Ivory Coast by the French government may contribute to some stability in the market.

Eucalyptus Oil
Although prices of Chinese Eucalyptus have reduced by up to US$1.50/kilo in the last six months, buyers remain cautious, as Chinese traders try to hold back stocks in an attempt to force prices upwards.

Ginger Root Oil
After the recent surge in price, Chinese Ginger Root Oil has levelled off in the last few weeks. We have no forward price indication at this time.

Olive Oil
Reports from Spain, the world's largest producer of Olive Oil, indicate this year's crop will be up to 50% larger than last year. Meanwhile production in Greece and Italy will be lower. Projected combined crop for all origins will be in excess of 3,000,000 Tonnes.