General Otulook:

September 27, 2004

Market has stabilized and on steady levels. Seems that demand is regular but totally not exceeding the supply of the raw material.

New Crop Laurel Leaves in full season but prices are firm due to high demand for lower grades FAQ, Mainly purchased by Far East importers / Hong Kong. We also recommend our buyers to ask their suppliers for a guarentee of free of ``Mersin Leaves`` and ``Sumac Leaves`` for Laurel Leaves. Especially some traders / exporters from Turkey are mixing it with ``Mersin Leaves`` in order to bring the price down of the Laurel Leaves. A mixture of 10% Mersin Leaves can make a difference of approx a 8% decrease in price. It is quiet hard to detect these leaves as colour, appearance and even Volatile Oil level is high.

Depending on the demand for Oregano in the coming months we might see a slightly firmer market. On the other hand exporters have good stocks and if no sales created prices may stay weak and steady.

We`ll keep you posted but feel free to contact us should you require any more info about above products or firm quotes based on C + F base.