Country Profiles
  
....You are here: >Home >Market information > Tropical commodities and their markets> Commodities J-0
 

PART TWO

J – O DIRECTORY OF COMMODITIES
JACKFRUIT

Artocrapus heterophyllus

The jack fruit is grown in wet and humid climates in tropical regions. It has begun to penetrate the international market and is now exported from a number of countries, including Bangladesh, Colombia, Jamaica, Kenya, Malaysia, Sri Lanka, Thailand and Uganda.

It is a very large fruit weighing up to 35 kg and for this reason is often sold in slices. It can be eaten fresh but is usually baked or boiled and is more widely sold in cans.

The seeds of the jackfruit (there may be 500 in one fruit) are roasted like chestnuts are also traded widely in the tropics.

In early 1995 a can containing 8 oz (drained weight) of jackfruit was retailing in London at £1.08 sterling.

JELLY NUT
(See coconuts)

jelly nuts are sold as fruit, but are actually very young coconuts and consist of a very thin layer of sweet flesh enclosing a milky liquid. The milk is used for cooking and the flesh is eaten as a delicacy.

They are exported, mainly in tins, from Brazil, Thailand and the Caribbean area. In early 1995 a tin of jelly nuts containing 6 oz (drained weight) of fruit was retailing in London at £0.74 sterling.

JOJOBA (also known as Goat nut)

The 2 metre high jojoba plant grows wild in arid areas of mexico and southern USA. It has been cultivated comparatively recently in those two areas, as well as Israel, for its seeds which contain a liquid wax. This wax is inedible but it has properties supposed equivalent to those of sperm whale oil. The promise predicted 20 years ago for the wax has not fully materialised.

The only important use for the wax to date is as an almost novelty ingredient in some cosmetics such as hair oil, skin oil, skin creams and shampoos. Apart from the potential of the wax as a substitute for sperm oil, the wax can be made very hard by hydrogenation and so could be used as a substitute for carnauba was for floor and furniture polishes.

The plant is grown commercially in large plantations. Technically, there is nothing to suggest that it could not be grown in many dry, tropical countries. The tree takes between 8 to 12 years to reach maturity but may continue producing for 100 years. (Cultivation of the plant is too recent to be sure of its longetivity.

At present most harvesting is done by hand but various techniques for mechanical harvesting are being developed. At this stage they contain about 50 per cent of the waxy oil. The seeds are crushed and the wax obtained by solvent extraction. Processing of 100 tonnes per day is said to be required for commercial viability.

The limited commercial growth of the product is owing to its comparatively high price, itself resulting from low yields and lack of a suitable mechanised harvesting system. It will be necessary to measure how competitively jojoba can be cultivated in countries to see how useful labour costs than the present growing countries to see how useful the crop might be in third-world producers. The research required to develop better varieties of the plant is hampered by the length of time taken for the plant to reach maturity.

The main hope for the crop is as a substitute for sperm whale oil, which was consumed at the rate of 15,000 tonnes per year in the 1960s but is now hardly produced at all because of the threatened extinction of the sperm whale. Jojoba wax competes favourably as a substitute of the sperm whale oil in its use as a cutting lubricant, but not so well in its main use in the leather industry. There are other, cheaper substitutes, however.

In 1995 the market price for jojoba oil was US$10 per kilo, cif Europe.

JUTE
Corchorus capsularis or corchorus olitorius

Production

1992 Main producers (thousands of tonnes)

India 1260

Bangladesh 898

China 619

Thailand 161

Former USSR 48

Vietnam 30

Myanmar 23

Brazil 20

Nepal 10

Chile 10

World 3135

Source: FAO estimates

The world’s major exporters are Bangladesh, India and Thailand. The Bangladeshi government dominates the international trade in jute sacks, the most important jute product. Annual world trade in jute yarn amounts to about 200,000 tonnes.

Grades
There are two main varieties of jute: ‘white’ jute which is harvested in August (in the northern hemisphere) and ‘tossa’, harvested in September and October.

Quality is judged on colour (white or creamy white is preferred to darker, reddish of grey), strength, texture and cleanliness. Lower-grade specifications allow for limited inclusions of dirt and hard fibre.

Bangladeshi grades for white jute in descending order of quality are BW Special (Bangladesh White Special), BWA (Bangladesh White A), BWB, BWC, BWD, and BWE. Tossa jute is of lower quality, especially regarding colour which may be slightly golden or red. Tossa jute is preferred by Bangladeshi mills, however. Bangladeshi grades in descending order of quality are as follows: BT special (Bangla Tossa Special) BTA, BTB, BTC, BTD and BTE.

Bangladesh produces better quality jute than India. Two thirds of Indian jute is used internally and in developed countries it is used mainly for carpet backing and in upholstery linings.

Jute traded under the London Jute Association (LJA) contract is guaranteed to be average quality of the specific grade.

Consumption
Major consumers are also among the largest producers: India consumes 26 per cent of world production, and China 22 per cent Pakistan is a major importer of fibre. USA, EU and Japan are major consumers of jute products.

Uses

Jute is used to make sacks, ropes and twine, specialist papers and backing for rugs and carpets. It faces competition from synthetic fibres, especially polypropylene, and from paper for sack manufacture. Jute, along with sisal, is specified as the only fibre for use in coffee sacks for international trade, partly because it allows the coffee to ‘breathe’ and partly because it allows samples to be taken without ruining the bag

Recently, complete carpets made from jute or a mixture of jute and other natural fibres have been promoted in developed countries. They are likely to become a small but useful outlet for the fibre.

A cotton/jute fibre has been developed and is being marketed successfully as a type of a denim.

Production method
The jute is a herbaceous annual with a straight, thin stem from which the fibre is extracted. The crop is harvested when 50 per cent of the plants bear young fruit, about four months after planting. The cut plant is retted (semi-rotted in water) to get rid of the woody parts of the stem. It is then pounded to separate the fibres and heckled (combed) for the same purpose and to give lustre to the fibre. It is stored in bales which can be kept for up to 18 months in a low humidity atmosphere. Bales normally weigh 180 kg each.

Jute producers have been advised to use castor oil rather than petroleum products to soften jute, because of the possibility of the petroleum products passing toxins to the food products that may be packed in jute bags.

Main market features

More jute is grown and used than hemp or sisal, but there has been a decline in production over the last years.

European consumption is now mainly in the carpet industry, whereas in India it is unlikely to experience further competition from the market is unlikely to experience further competition from the market is unlikely to experience further competition from artificial fibres (especially polypropylene) now that natural fibres are more acceptable and a cost benefit no longer exists.

The production of ordinary jute sacks and bags is an industry in terminal decline in developed countries. They are still produced in reasonable quantities in countries such as Egypt, Morocco and turkey, but it is Bangladesh that is the most competitive source of these products. Jute and jute products are still Bangladesh’s main exporter earner. Producers of coffee, cocoa, spices, etc, who must, according to trade convention, use new bags to pack their products, purchase directly from Bangladeshi government-owned companies or from their agents.

Prices for jute fell 14 per cent between 1992 and 1993. They were so low that many jute farmers have been using their land to grow other crops.

In general the outlook for jute is likely to be stable, but only at low prices. Any extra profitability will probably come from innovations such as the new jute ‘denim’ and carpets. India, which is hoping to develop these lines, does not produce the high-grade jute necessary to make these products and is likely to have to import it.

Owing to low prices and lack of government control the jute labour force in India, mainly in west

Bengal, is becoming increasingly causualised, which is leading to labour unrest.

There is a small international trade in used jute bags.

The international jute Organisation (IJO), which is internationally funded but chiefly backed by the Indian and Bangladehi governments, promotes the use of the fibre.

Prices
Bangladeshi, grade BTC, US$ per tonne fob Mongla (January):

1991 – 390, 1992 – 295, 1993 – 260, 1994 – 320, 1995 – 280.

KAMALA
Mallotus philippensis

Kamala is a fine orange-coloured powder consisting of the crushed glandular hairs found in the fruit capsule of a euphorbiaceous tree which grows wild in eastern countries between the Himalayas and Australia. The powder is prized as a dye used to colour silk yellow. It is also used locally for deworming humans and animals.

Kamala oil can be extracted from the seeds of the tree. The oil is said to be similar to tung oil, but the expensive extraction process involving organic solvents has prevented it from competing well.

KAPOC (also known as silk cotton)

Ceiba pentandra

The kapok tree grows to up to 30 metres tall. It produces seed pods of about 15 cm in length which ripen and burst to reveal a mass of long, white or light yellow fibres attached to the seeds.

Kapoc is native to tropical America, but it is now mainly grown commercially in quantities of several thousand tonnes a year in southern Asian countries including India and Thailand. Some 90 per cent of the world’s kapok is produced in Indonesia, however, where the trees, which are propagated by seeds or branch cuttings, are grown on plantations. The pods are produced after three or four years and continue for up to 60 years. The pods are usually picked by hand just before they open naturally. The fibre is removed and dried. The seeds are removed by beating with sticks of rigorously stirring in a basket. In some areas seeds are removed by amchine. The seeds contain 20 per cent to 25 per cent oil which is often used locally for cooking, lubrication and soap-making. The residue left after crushing the oil from the seed is used as cattle feed.

Kapok fibre is about 1 inch (2.5 cm) long and is too brittle to be spun with ease. In the past its main use was for stuffing mattresses, pillows and upholstery but it is highly inflammable and, for this reason, it is failing to compete with other, mainly synthetic materials. In developed countries it is rarely used in the upholstery trade and then only for repairing furniture that was originally stuffed with kapok. It still has some use as a stuffing for high quality toys.

The fibre has several other interesting qualities. It is very light and water resistant, it can support 30 times its own weight in water because the cells in the fibre are full of air and the skins of the cells are impervious to both water and air. For this reason it is used in water safety equipment such as life preservers. It is also used as a thermal insulator.

In 1995 the price of raw kapok was about US$2000 per tonne cif Europe. The retail price in the UK for 10 kilo bales was about £2.40 sterling per kilo.

KARAYA GUM (also known as katilo gum)

Especially sterculia urens

Karaya gum is the sap of related trees which grow in the Indian subcontinent, in Burma and in the Sudan. Production in India, the largest producer, in the mid-1980s was about 5000 tonnes, of which nearly half goes to the United States.

It is collected after it exludes from cuts made in the bark of wild trees. The product is picked, cleaned and sorted by hand. It is then dried and ground into fine white powder. Further cleaning processes need to be undertaken in importing countries if the gum is to be used in food, and this problem has reduced the demand for the gum in food products.

The Indians grade the gum according to bark and foreign matter content. They name their grades Superior No 1, No 2, No3 and siftings. Most European traders regard only the first three as export grades.

Karaya gum has a very high capacity to absorb water and it has therefore found medical use as a major ingredient in colostomy bags and as a dental flaxative. There are synthetic substitutes for both these uses, however. It is also used in gelatines and gumdrops and in ice-cream as a texturiser. Another use is as a thickening agent in commercial dyes and inks.

Some sfforts have been made by the Indian National Asssociation for export Development to restrict production from overtapped tress and to ensure better returns for pickers. A very small number of Indian companies control exports.

The gum is a cheaper substitute for tragacanth gum.

In early 1995 the market price of karaya gum was US$2000 cif Europe.

KARELA
Momordica charantia

Rhe karela is a variety of bitter gourd used in curries and cooked with other vegetables. It is popular with the West Indian and Asian communities. It is exported in the fresh condition from Kenya and Nigeria. The fruit must be green when sold, and any fruit showing a sign of yellowing shuld be discarded.

In 1995 karela were retailing in London at £1.40 sterling per Ib. this suggests a cif UK price of about £0.70 sterling per Ib.

KAVA
Piper methysticum

Kava is a beverage which is produced in Polynesia where it is drunk on ceremonial occasions. It is made from the roots of the kava plant, which are peeled and pulped before being fermented. The drink induces a euphoric state but is non-alcoholic. It is yellow-green in colour and has a bitter, earthy taste and gritty texture.

The plant, which is a bushy shrub up to 3 metres tall, is found in the wild but can be grown from seed. It roots can be harvested after 2 to 4 years.

The only tade in kava is between pacific islands.

KENAF (also known as Thai jute, ambary)

Hibisucus cannabinus

Production
World production of kenaf is probably about 1 million tonnes, of which about half is produced in Thailand. Other major producers are India, Pakistan and china. Eygpt, morocco, Mozambique, Zimbabwe, Nigeria, Ethiopia, Angola and mexico are minor producers.

Thailand is the only important exporting country, selling about 400,000 tonnes abroas.

Grades
Value is based on colour, softness, fibre length and cleanliness. Light, soft, long and clean fibres fetch the highest value and bales. Should not be made up of mixed grades. Moisture content should not be higher than 14 per cent.

The Thai grading system is most commonly used. ‘Super Grade’ is white and very soft and contains a maximum of 2 per cent foreign material. It has a fibre length of 1.5 metres. ‘grade A’ is white and soft with a maximum of 3 per cent foreign material and with a fibre length of 1 metre. ‘Grade B’ is greyish and moderately soft with a maximum of 4 per cent foreign material and with a fibre length of 1 metre. ‘Grade C’ is dark and slightly soft with a maximum of 5 per cent foreign material and with a fibre length of 0.75 metres.

There is also a market for short fibres, or ‘cuttings’ and ‘tangles’.

Kenaf is usually traded in bales weighing 400 Ib.

Uses
The main use of kenaf is as an admixture of between 10 per cent and 30 per cent to jute in the manufacture of sacks.

Consumption
India has been the biggest importer owing to periodic shortages of true jute. Japan has also been a major importer. The USA and EU import small quantities.

Production method
Like jute, the stems of the kenaf plant are first plant are first retted. This is a process in which the stems are soaked in water for some time so that the woody parts of the stem are rotted. It is then scotched, i.e pounded to separate the fibres. It is then washed and dried.

Main market features
Kenaf is coaser and less supple than high quality jute but is comparable in usefulness with the lower grades and is generally more resistant to rotting.

Prices

Jute consumers are only interested in buying kenaf for blending with jute if it is at least 15 per cent cheaper than true jute. The price of kenaf is, therefore, directly linked to that of jute.

KUMQUAT
Genus fortnella

This tiny citrus fruit has become quite popular in developed countries, where it is used as a fruit and as an ingredient in savoury dishes and sliced in drinks. It can, however, be eaten whole in the raw condition.

It is grown in both temperate and tropical regions and is exported in small 3 to 5 kg cartons from Argentina, Brazil, Cyprus, Israel, Morococo, Peru,, South Africa, USA and Uruguay.

In early 1995 the wholesale price for brazilian kumquats in the London market was £2.50 sterling per kilo. They were retailing at £4.60 sterling per kilo.

LEMONGRASS
Cymbopogon citrates

In the fresh form, lemongrass is a thick green stalk, which can be eaten as a vegetable. Its main use is as a flavouring, however. It has become more popular in developed countries in line with the growth in popularity of oriental, especially Thai, food in which it is used frequently. It is imported into these countries, for both the restaurant trade and for use by ordinary households cooking oriental food.

Fresh lemongrass is exported from Malaysia, Thailand, USA and Zambia. It is often packaged in 200 gm packs in 2kg cartons.

In early 1995 the wholesale price for fresh Thai lemongrass in the London market was £9 sterling for a 2kg carton.

LEMONGRASS OIL

See lemongrass

Lemongrass oil is the essential oil extracted by steam distillation from lemongrass. There are two recognised types:’East indian’, also called ‘cochin’ produced in South Asia (particulary India), which has a slightly ‘burnt’ odur and a comparatively low citra content, and ‘west indian’, cultivated in Central and South Americ (particularly Guatemala) and Africa and the Indian Ocean islands.

The oil is used as a cheap fragrance, typically for detergents and household cleansers. This can be in the unprocessed form or as citral, the active ingredient extracted from the oil. More rarely, it is used as a flavouring agent.

The main producers are India (500-1000 tonnes per year) and Guatemala (250 tonnes). Other important producers are China, Sri Lanka, Brazil, Argentina and Haiti. Total world trade is estimated to be worth about US$4.5 million per year.

The main markets for the oil are the former Soviet Union, USA, EU and Japan.

Lemongrass oil faces competition from the cheaper litsea cubea oil, produced especially in china, and from synthetics derived from turpentine and petroleum.

Prices
Indian, cif Europe US$ per kilo:

1992 – 9.70, 1993 – 8.25, 1994 – 9.10, 1995 – 8.90.

LIME
Citrus aurantifolia

Limes are chiefly used to make juice and for addition to drinks in slices.

Limes are grown in warm, temperate climate but can be grown in hotter conditions than lemons, and most tropical countries produce them. They are exported from Brazil, Ecuador, Egypt, France, Israel, Kenya, Mexico, Swaziland and USA, in 3 to 5 kg cartons.

In early 1995 the wholesale price for Brazillian limes on the London market was £6 sterling for a 4 kg carton.

LOCUST BEAN GUM (also known as carob bean gum)

Ceratonia siliqua

Most locust bean is grown in Europe, but India and Pakistan are minor producers. The gum is a similar product to guar gum but is more expensive. It is extracted from the endosperm of a bean which grows on an evergreen tree. The tree grows to a height of about 8 metres and reaches maturity only after about 15 years. The gum must be carefully processed to produce a good colour and viscous product.

Unlike guar gum, which dissolves in cold water, locust bean gum does not fully dissolve in water below a temperature of 85 degrees C. This factor makes the gum ideal for some uses in processed food products such as soups, baby food and canned pet food, where its thickening and texturing properties do not interrupt the cooking process until a high temperature is reached. The gum is also unique in that it produces gels with xanthan gum. This does not mean that it can be used as a substitute for gelatine, however.

Spain, Italy and Portugal are the main producers, with annual productions of about 5,000, 3000 and 1500 tonnes respectively. Combined production in India and Pakistan is probably less than 10 per cent of total production.

In early 1995 the price of the gum reached an unusually high price of US$30 per kilo, after a prolonged period when the price had remained at about US$7 per kilo. This igh price was attributed to poor crops and traders maintained that in the medium term prices would fall. They added that they believed there would be no real hope of a substantially increased volume of sales unless the price fell to about US$3 per kilo.

LOGWOOD
Haematoxylon campechianum

Not to be confused with lumber or timber, logwood is the name given to an organic dye extracted from the tree Haematoxylon campechianum. The main producers are Jamaica, Haiti, the Dominican Republic and Brazil.

The active ingredient is extracted from the tree in the form of the chemical haemotoxylin, which is soluble in hot water. This chemical rapidly oxideses into another product, haematein, which is not very water soluble. For this reason extraction is made from the freshly cut wood grown in plantations near the extraction plant.

Haematoxylin has some uses in tiny quantities in medical laboratories. Haematein has a much wider use in the dyeing of textiles, fibres and wood. It can dye blue, purple or black depending on the chemical preparation of the product to be dyed.

Annual international production probably does not amount to more than 500 tonnes, mainly in form of haematoxylin and haematein powder.

Erratic supplies in the past have caused concern among consumers about the security of future supplies. For this reason demand is not expected to increase and synthetic dyes, which produce a less satisfactory result and are more expensive at times, are used as substitutes.

Between 1972 and 1995 the price of haematoxylin rose consistently from £8 sterling per kilo to £150 sterling per kilo.

LONGAN
Euphoria longan

This fruit is similar to the lychee, but sweeter. It is eaten fresh and in cans and dried longans are used in Chinese soups.

Fresh longan should be marketed with 100 to 200 mm of stalk left attached. Thai exports are graded ‘A” for 55 to 75 fruit per kilo and ‘B’ for 76 to 80 fruit per kilo. They are packed in 5 kg cartons.

Some exports are made from China and Thailand.

In early 1995 a can containing 230g (drained weight) of longan was retailing in London at £1.40 sterling.

LOOFAH (Also known as vegetable sponge)

Especially Luffa aegyptiaca

The loofah vine is grown from seed as a commercial crop in china, India, Indonesia, Malaysia, Philippines, Brazil and in the Caribbean region.

The half metre long fruit is eaten locally and is useful edible oil can be extracted from the seeds. The hard, dried skeleton of the fruit, used all over the world as a bath scrub, id the most important commercial product of the plant.

The mature fruit is left on the vine to dry in the sun. After harvesting (which can take place about 100 days after sowing), the outer layer is removed and the fruit is retted (left to partially rot) in water. The internal pulp is then removed by hand and the loofah is retted again. After this the loofah is dried and sun –bleached, a process that may be completed using hydrogen peroxide.

Different buyers of loofahs are looking for different characteristics. Some are looking for rigidity (typically Chinese loofans) and others for the way they retain soap foam. They are sold by the inch. An importer might, for instance, buy 10,000 loofahs of 10 inches long and 5000 of 4 inches long. In 1995 the international price was about 5 US cents inch. The annual global consumption of loofahs runs into several, millions.

LOQUAT
Eriobotrya japonica

The plum-like fruit is eaten fresh but also, made into jam. It freezes well but has a short shelf-life at room temperature.

It is grown in tropical and temperate regions and is exported from Brazil, Cyprus, Israel and Spain.

In 1995 a can containing 227g (drained weight) of loquat was retailing in London at £0.92 sterling.

LYCHEE
Litchi chinensis

Canned lychees have been marketed throughout the world for many years. The fruit is grown on a commercial basis in many tropical countries and is now also marketed in the fresh condition.

The main exporting countries are Australia, china Honduras, Israel, Madagascar, Mauritius, South Africa, Taiwan, Thailand and USA

Most suppliers pack lychees for export in 2 kg cartons, except the Chinese who use 10 kg boxes.

In early 1995 the wholesale market price for lychees on the London market was £2.50 sterling per kilo.

MACADAMIA NUT
Macadamia ternifora

Production

The macadamia nut originated in Australia, which is the second largest producer after the USA (Hawaii). It is now grown in several other countries including Kenya, Malawi, and Costa Rica. Production in Hawaii in 1989 was about 1000 tonnes in shell.

The planting of new trees in recent years, especially in the developing world, is bound to increase world production.

Grades
Value is dependent on the proportion of whole nuts in a given parcel. The recognised grades are termed ‘styles’ and are as follows:

Style 0 – 100 per cent large whole kernels with a diameter than 26 thirty-seconds of an inch.
Style 1 – 90 per cent whole nuts, 10 per cent halves.
Style 2 – 60 per cent whole nuts,40 per cent halves.
Style 3 – (discontinued)
Style 4 – ‘tidbits’, 50 per cent half nuts, 50 per cent whole nuts.
Style 5 – ‘large diced’, pieces between 12 and 16 thirty –seconds of an inch.
Style 6 – ‘chips’, pieces between 8 and 12 thirty-seconds of an inch.
Style 7 – ‘fines ‘, pieces less than 4 thirty-seconds of an inch.
The lower the style number, the higher its market value.

The usual health regulations, including maximum permitted aflatoxin levels, apply to imports of nuts into consuming countries. Free fatty acid content and oil content are measured by buyers as another guide to value. A major selling point of the nut is that no artifical ingredients or preservatives are used in preparation.

Uses

In importing countries, macadamia are termed ‘cocktail’ nuts and are consumed during social occasions. They can be raw or roasted in macadamia oil or coconut oil or they can be dry-roasted. A very small proportion is in baking and in the confectionery trade, and some supplies offer chocolate-covered nuts.

Consumption
Macedamia nuts are only just becoming widely known in Europe. The main markets are still in the USA and Japan where they have become an ‘up-market’ alternative cocktail nut, competing with peanuts, pistachio nuts and cashews. The UK market of , perhaps, 200 tonnes per year has been stimulated by promotion of nuts grown in Malawi.

Production method
Macadamia trees reach full production in about 15 years. The tree requires a frost free climate with at least 125 cm rainfall a year. The trees are brittle and must be protected from strong winds. Yields are adversely affected by low rainfall of lack of irrigation.

Dehusking of the nut should take place within 24 hours of picking. Once dehusked, the nut should be dried to a moisture content of 2.5 per cent. The processing system should be kept very clean because the nut absorbs odours and flavours from its surroundings.

Vacuum packing or nitrogen/carbon dioxide flushing reduces rancidity caused by oxygen. Packing is often in vacuum packs or in tins.

With macadamia, Malawi has enjoyed the usual success of exporting a product which can be retailed directly to consumers. Their nuts are roasted in macadamia oil, salted, nitrogen flushed and packaged in 75g sachets.

Main market features

Because of the fairly long period required to bring trees to full production, supply is rather inelastic. Continuing demand, however, is dependent on reasonable prices. In addition, there has been a recent history of supply disruption owing to adverse weather conditions in Malawi and Hawaii. This means that retailers and importers have an in-built reluctance to promote the product because of uncertainity that supplies will meet increased demand.

One view in the trade is that macadamia nuts will not compete with other established cocktail nuts until their price is competitive. Other traders reject this idea and point to the fact that macadamias are more expensive than cashews and pistachios, and these two nuts have an established market in spite of being much more expensive than peanuts. It is certainly true that most consumers only spend a tiny proportion of their income on this kind of product and that many are looking for variety in the products they buy.

Although suppliers are involved in various attempts to increase awareness of the nut, consumption would be likely to increase greatly if there was a concerted promotion effort by the major macadamia producers. Certainly, there is no reason why Europeans should not appreciate the nut as much as the Americans or Japanese.

Prices
In 1993 US$7.50 per kilo was paid for unroasted nut on a cif UK basis. Roasted nut could be sold at a premium of about US$0.50 per kilo. Higher prices were reported for pre-Christmas deliveries

MACE
See nutmeg

Mace is the yellowish-red aril or net-like covering of the cutmeg, which tastes and smells very like nutmeg but is more delicate. It is used to flavour sausages, soups and sauces. Traders pay more for the whole aril than for broken ones. They also regard a yellow colour as preferable to red. Grenada grades its mace into categories numbered 1,2 and 3 in descending order of quality. Otherwise, buyers tend to place different values on different origins.

Mace production is about 15 per cent of nutmeg production by weight and it is, of course, produced in the same countries.

The recent overproduction of nutmeg has lowered the price and reduced farmers’ income. This has affected their ability to harvest early to preserve the quality of the mace, and resulted in a shortage of good quality mace.

An essential oil is steam-distilled from the product for use in mass produced food products.

Prices
Grenada No 2, US$ per tonne, cif Europe:

1991 – 4500, 1992 – 4500, 1993 – 4500, 1994 – 2100,1995 – 5000.

MAIZE
Zea mays

Production

1992 main producers (thousands of tonnes)

USA 240,774

China 95,340

Brazil 30,619

Mexico 14,997

France 14,613

South Africa 12,000

Argentina 10,699

India 9,740

Indonesia 7,587

Former USSR 7,362

Italy 7,170

World 526,410

Source: FAO estimates

Most maize is grown in temperate climates (the whole of Africa only produces about 24,000 tonnes) but it is a staple crop for many tropical countries. The plant is grown between latitudes 50 degrees N and 45 degrees S.

Grades
There are three main varieties of maize grains. Dent’ varieties are commonly grown in the USA and Southern Africa. ‘Flints’ have small cobs and are grown in tropical regions. Sweetcorn varieties are grown for eating as fresh vegetable.

Consumption
Most maize is consumed in the countries where it is grown. In developed countries maize is mainly used as feed for livestock. The USA, which is the world’s largest consumer, producer and exporter, exports around a quarter of the world’s total exports of about 200 million tonnes. In developing countries, maize is primarily grown and consumed by smallholders for whom it is staple food, usually made into the form of bread or porridge.

US and EU exports to the former Soviet Union have fallen drastically because of the political and economic changes and analysis that this region could become self-sufficient in the future.

Saudi Arabia and Japan are two major importers.

Uses
Maize is grown as food for human consumption and as a feed grain for cattle and other livestock. Oil, sugar and alcohol (for industrial and human use) are produced from maize.

Production method
Maize is simple and adaptable crop. Smallholders sow and reap by hand and scrape the grain from the cob after it in the sun. if required as a fresh vegetable, it is picked before it is fully ripe.

In most developing countries maize is grown in very large fields and production is highly mechanised.

Although maize is naturally a tropical plant, most research has been carried out in developing countries and this has resulted in a lower number of available seed varieties suitable for cultivation in tropical climates.

Main market features
The world market price of maize is very influenced by changes in yields caused by weather conditions, especially rain and frost. A year-on-year reduction in production of 5 per cent makes the difference between a historically low price and one which gives a good income to the lucky farmers affected by adverse growing conditions. Low prices discourage farmers from sowing for the following season.

International trade in maize is mainly between a few major producing and consuming countries but the pattern of trade is changing.

US farmers are concerned about the reduction in sales to the former Soviet Union owing to economic changes in that region. They are also concerned that, the EU, which subsidises maize exports, is taking a greater share of the total export market. The US is still able to sell some maize into EU countries under old agreements, however. China, although still an exporter, is increasing its own consumption, especially on animal feed, and the US expects to be the main beneficiary of export sales to china in the future.

Other developing countries are also in need of greater maize imports to feed their growing population, but there is an increasing fear that they will not have enough money for further purchases. Much of the maize produced in the US and EU is distributed as part of aid programmes, but the arrival of free or cheap maize in third world markets often reduces the local price to below that at which local farmers can supply and puts them out of business.

South Africa is keen to replace the EU and USA as the main supplier to sub-Saharan Africa, but unpredictable rainfall in South Africa and a likely reduction of that country’s subsidies for maize exports appears to reduce the chances of this happening.

Under the GATT arrangements, EU subsidies for maize production and exports will be reduced gradually, which may allow less developed countries to get a larger share of world trade.

Many major deals are conducted on a bilateral basis between countries and include government and commercial representatives.

The international maize market is dominated by huge transnational trading coporations.

Prices

Argentinian, cif Rotterdam, US$ per tonne:

1992 – 161, 1993 – 160, 1994 – 155, 1995 – 143.

MANGETOUT (also known as sugar pea)

Mangetout is a variety of garden pea which can be grown in a very wide variety of climates, but when it is grown in the tropics it is generally grown for the export market. It has now become a very familiar vegetable all over the developed world, more expensive than the more common types of bean.

Among tropical countries that export mangetout are Ecuador, Guatemala, Kenya, Nigeria, Peru, Zambia and Zimbabwe. It is commonly exported in 5 5 Ib carton.

MANAGO

Manigera indica

Mangoes are probably the most intensively traded tropical fruit after bananas and pineapples. They are grown all over the tropical world, but do best in poorer types of soil, as rich soils produce excess vegetative growth. They are exported by at least 30 countries.

1992 Main mango producers (thousands of tonnes)

India 10,000

Mexic 1,120

Pakistan 800

Indonesia 700

Thailand 615

China 615

Brazil 400

Haiti 230

Zaire 212

Tanzania 185

World 16,987

Source: FAO estimates

Other expoters include Burkina Faso, Colombia, Costa Rica, Ecuador, Gambia, Guatemala Honduras, Jamaica, Kenya, Mali, Peru, Philippines, St Lucia, Sudan and Zimbabwe.

There are many different varieties of mango. In developing countries the red/yellow varieties are preferred by local people, but many members of the ethnic communities in the West prefer greener varieties. The fruit is eaten fresh and in tins and is made into chutney and jam. An edible oil may be extracted from the stones.

The mango tree starts to produce fruit about 4 to 5 years after planting. Mangoes require a great deal of control in the picking, packing and transport process. The sap of the cut stem blemishes the skin of the fruit. The fruit should be treated against fungi after picking. As the fruit bruise very easily they must be packed in a box in such a way that they do not bump each other during transport. The appearance of the mangoes can greatly affect the market price, and similar sized and coloured fruit should be packed in the same box. They should be stored in cool conditions as soon as possible after they picked. They must be transported in refrigerated lorries and containers but temperatures should not be too low as cold temperatures can also damage the fruit. Shelf life is fairly good – up to two weeks.

They are normally packed in boxes of 4 kg to 5 kg each.

In early 1995 the wholesale market was £7 sterling for a 4 kg carton.

MANGOSTEEN

Garcinia mangostana

The sherbet-flavoured mangosteen has an excellent shelf-life and can be transport over long distances. For those unfamiliar with the fruit, however, it is difficult to peel without damaging it. This factor is likely to inhibit its general acceptance in Northern markets.

The mangosteen tress starts to bear fruit after about 10 years, but might bear between 200 and 2000 per year there after.

It is exported from a number of countries including Brazil, India, Indonesia, Ivory coast, Malaysia, Philippines, Sri Lanka and Thailand.

It is normally packed in 2 kg cartons

In early 1995 the wholesale price for Thai mangosteens on the London market was £6 sterling per kilo.

MASALA

Masalas are mixtures of spices sometimes as many as twenty. The mixes vary from region to region and are usually made up in spice growing areas. Garmu masala, which is the famous Indian and Pakistan usually consists of a mixture of cardamon, cloves, cinnamon, but can also contain cunim, pepper and nutmeg.

MATE (also known as paraguay tea)

ilix paraguariensis

more mate than coffee or tea is consumed in the Southern part of South America. The drink is made by infusing the dried leaves of the evergreen bush in hot water. It is usually drunk by itself but lemon, sugar or milk are sometimes added. It contains some caffeine and has a rather bitter taste. It grows wild in Paraguay and southern Brazil and is consumed in the greatest quantities in Argentina.

The bush is cultivated in plantations and kept pruned to a couple of meters in height. It is usually propagated from seed. The leaves are dried over an open fire or in large cast-iron pans. The best quality with the leaves from which the central rib has been removed, and the third from the whole leaf.

Argentina imports mate from its neighbouring countries and very small are exported from South America to developed countries especially the USA, where it is sold mainly in heath food shops for about 50 US cents per ounce (30 grams)

MELON
cucumis melo

There are very many types of melon including Galia, honeydue, tendral, watermelons, piel de sapo, cantalope, charentais,ogen, rock and tiger melons. Most of those traded internationally ar grown in warm temperate countries. Some are exported from tropical countries, however. These include Antigua(Galia), Barbados (water melons), Brazil (Galia, honeydue and piel de sapo),Colombia (green tendral, honeydue),Costa Rica (cantalope), Ecuador (cantalope, honeydue),Eygpt (Galia, cantalope, watermelon), Ethiopia (Galia), Guatemala (watermelon), Hornduras (cantelope, watermelon),Kenya (cantelope, Galia),Mexico (cantalope,honeydue), Peru (charentais, Galia, honeydue), Sudan (watermelon),venzeula (Galia, honeydue, rock), Zambia (Galia).

Prices and packaging vary with the weight and type of melony.

In early 1995 the wholesale prices for the various melons in the London market were as follows:

Galia –£17 sterling for 5 kg, honeydue - £ 6 sterling for - £ 10 kg, watermelon –£ 12 sterling for 16 kgs.

MILLIET
Especially Setaria intalica, panicum miliaceum and pennisteum glaucum.

Millet is a word used to describe a number of grain bearing plants of the grass family.

1992 Main producer (thousands of tonnes)

India 10,600

China 5,001

Nigeria 3,200

Former Soviet Union 2,226

Niger 1,784

Mali 794

Burkina Faso 785

Uganda 593

Senegal 446

Sudan 424

Total world production 28,500

Source: FAO estimates

Millet is more drought resistant than any other major cereal crop. Most varieties of millet have small grains and in the USA and Europe they are used mainly as folder for livestock. It is however, an important staple food in the former Soviet Union, China, West Africa and India. In India and Africa pearl millet (pennisetum glaucum) or ‘bajraaa’, which has large grains, is popular.

The different varieties take different periods of time between sowing and harvest, and these can vary between 70 and 120 days. Most millet is threshed and winnowed locally on smallscale machines.

Millet has a strong taste and cannot be made into leavened bread. It is used instead in flatbreads and porridge or eaten mush like rice. It can also be fermented to make beer.

The quality of millet is judged by international traders on purity, ie the lack of dirt in the grain. Number 1 grade US millet is 99,9 per cent pure.

In early 1995, the price of grade US millet cif UK port was about US$520 per tonne and this had risen about US$100 per tonne in price over the previous year.

MOLASSES (also known as treacle)

See sugar

Molasses is produced in the refining of both cane and beet sugar. The sugar is separated from the juice of the cane or beet by a process of crystallisation and centrifuging. The remaining dark brown viscous liquid is molasses. Cane molasses contains about 14 per cent sugar but beet molasses contain about 1 per cent sugar.

Cane molasses is used to make rum, but both are used mainly as an additive to animal feed. In some countries molasses is used as a starting material for the production of industrial ethyl alcohol.

Brown sugar is semi-refined and so contains some molasses.

Prices

Cif Northern Europe,US$per tonne:

1994 – 91, 1995 – 97.

MYRRH

especially commiphora myrrha

Myrrh is the excudate of a small, wild, thorny, flowering tree which grows in the arid areas of Arabia and North-East Africa. It is usually collected by nomadic pasturalists who collect the gum either from the catural splits that occur in the bark of the tree, or from cuts that they have made on previous visits.

Myrrh is a bitter-tasting. Reddish-yellow gum which was once one of the most prized substances on earth, but it is now of comparatively little value. It is still used as incense but also in cheap, heavy perfumes. It has some antiseptic properties and is used to treat sore mouths and gums.

Its main market is in Southern Asia but is exported to Northern markets.

Myrrh traded on the international market in 1994 at about US$4 per kilo.

NEEM (also known as Nim)

Azadriachta indica

The neem tree yeilds an oil which has been used locally for centuries as a pesticide and also as a contraaceptive and a soap. The small branches of the tree are used as a toothbrush.

The tree grows quiockly to a height of about 20 metres. The oil extracted from its seeds, but the whole tree is used by local people for various purposes. It grows all over the Indian subcontinent (it has been estimated that there are 14 million neem trees in India alone), in Sri Lanka and in east and central Africa. Farmers plant the tree at the side of fields infested with nematode worms and the tree can successfully control the pest. Alternatively, chopped up neem seeds are scattered over the ground for the same result.

In small-scale production, the seeds are crushed and then soaked in cold water overnight. The emulsion containing the active ingredient rises to the surface of the water and can be scrapped off to be used either directly on crops or as the ingredient for other neem products.

The oil obviously has some very special properties because modern scientists have confirmed that it is a powerful spermicide; that it can be used to control skin-attacking insects such as lice; that it is fungicide, which could be used in the treatment of athletes foot, ringworm and the control of aflatoxin in nuts and seeds that it can control the nematode worm which leaves in the soil and is a major agricultural pest all over the world; that it can control the bilharzia; and it could be used as an insect repellent; and that it could have uses in cosmetics such as toothpaste and soap

Not surprisingly, perhaps, the tree has caught the attention of large, multinational chemical and pharmaceutical companies in the last 30 years. The news that at least one of these companies, WR Grace and Co, had successfully taken out a world wide patent on neem products lauctioned riots of thousands of farmers in India and an international campaign against the’ theft’ of inteletucual property by large corporations from third world peoples’.

Certainly, the United States government has been insisting that all countries respect intellectual property as part of the GATT accords, but it only recognises patented products which traditional farmers would not and could not contemplate registering. There is a flourishing small industry in India producing dozens of neem products and Indian scientists have been developing many neem products for many decades, but no third world organisation has ever claimed property rights over the tree or its products. Some traditional users fear that they to pay a larger American company for the fight to use a product that their families have known for many years. The campaign allowing for the withdrawal of patents on indigenous products has declared the neem to be a ‘free tree’, that is, its properties should be free to whoever wishes to use it.

Neem seed for export are gathered by small landowner and contract labourers and delivered to the processing plants. W R Grace has set up a plant in India to process 20 tonnes of neem tree a day for export to the USA. They have called the pesticides from neem ‘margosan-o’ and ‘Bioneem’.

Patented neem products have been commercially successful partly because they are ‘natural’and, therefore, seen as looked as being safe for the environment.

Owing to the interest of the new large buyers, the price of neem seed has increased from US$30 per tonne in 1973 to US$300 in 1992. The high price has prevented many local farmers from acquiring the seeds.

NUTMEG

Myrist fragrance

(See mace)

1989 World exports (tonnes)

indonesia 9000

grenada 2760

Indonesia and Greneda export 95 per cent of nutmeg production. Other minor producing countries are Jamaica, Malaysia, India, Sri Lanka and Trinida

Grades

Nutmeg is generally traded in the whole nut form. Nutmeg from Grenada is said to be of a higher quality.

Grades are first classified by size, ie the numer1Ib; 80s and 110s (80 and 110 to the pound) are typical size groups. Top-quality ‘sound but unsorted nuts are described as Suns. Sound nutmegs sink in water. Broken, or warmy or purky (crumbly nuts) known as BWPs are a catergory of defective nuts. Defective nuts are either crushed and ground or are used in the extraction of nutmeg.

Consumption
Exports are mainly to developed countries.

Only about 10 per cent of production is used on a domestic scale, the rest is used in the processed food industry

Uses
Nutmeg is used by itself and in spice mixtures, mostly in the meat and bakery industries. Nutmeg oil is flavouring in the processed food industry.

Production method
Nutmeg is the kernel of the fruit of a large tropical tree which only produces fruit after about 8 years and does not come to maturity until about 25 years. The fruit, which is often eaten as a sweetmeat, is first removed by breaking. This is followed by the removal of the aril or mace to reveal the kernel.

Nutmeg oil is a yellowy fat which is extracted from the nut and distilled to produce an essential oil.

Main market features
Various attempts have been made in history to stabilise the nutmeg price. In 1986 Indonesia agreed to hold the export price at approximately $6650 per tonne for first-quality Grenadan and Indonesian nutmeg. (Second-grade Indonesian grade was fixed at between $1000 and $1200.) This agreement broke down in 1989 during the deregulation of the Indonesian economy and under pressure to end it from the US.

After the collapse of the agreement, prices for nutmeg fell to as low as $550 per tonne. Since then there have several meetings between Aspin, the Indonesian ‘producers’ group, and the Grenada.

Cooperative Nutmeg Association, which have helped to stabilise prices at a higher level even though they only proposed introducing a joint marketing system rather than reconstructing the cartel. Prices were stabilished further in 1993 when Indonesia and Grenada decided to destroy surplus stocks.

Further progress towards price stabilisation was hampered in 1994 by the Indonesian suggestion that a private Dutch company should have the exclusive right to market both countries’ production. Grenada wanted the producers themselves to control marketing. In a meeting in April 1995 the two parties could only agree to set up a programme to promote the use of nutmeg.

Given that nutmeg prices can rise only if demand is increased or supply reduced, it seems rather that the two countries should try to influence demand, over which they have to no control.

The buying power of the large food processing companies which buy the bulk of nutmeg output also helps to keep prices low.

The US used to buy nutmeg from Grenada before Hurricane Janet wiped out the industry in 1955. Indonesia took over the US market and, when their supplies recovered, Grenada had to find other markets, notably in Europe.

Crushed and ground nutmeg imports into Europe amount to only 5-10 per cent of total imports, possibly due to the 5 per cent EU duty on ground nutmeg compared with zero on whole nuts.

Prices
Grenada SUNS, cif Europe, US$ per tonne:

1991 – 5400, 1992 – 5400, 1993 – 2200, 1994 – 1900, 1995 – 2362.

NUX VOMICA (also known as crow fig)

Strychnos nux-vomica

Nux vomica is the seed of a small, evergreen tree which grows in South-East Asia, especially in the forests of India and Sri Lanka. It also grows in Australia.

Locally it is used as a stimulant and pungative. Nux vomica is a source of strychnine which can be extracted not from the seeds but also from the bark, leaves and roots of the tree. It is a crystalline solid which is soluble in alcohol. Although it is used as a tonic in very small doses, there is no evidence that it is effective. It is also used as a respiratory stimulant for the treatment of poisoning of the central nervous system.

In large doses strychnine is a deadly poison which, strangely enough, can be counteracted by another natural, tropical poison, curare.

Prices

In the UK in 1995 nux vomica tablets were on sale to treat sore throats caused by smoking or ‘voice use’. 125 tablets cost £3.15 sterling.

OKRA (also known as lady’s finger, bhindi)

Hibiscus esculentus

Okra has what is called a mucilaginous quality, that is, it becomes glutinous when cooked. This maked it useful for thickening soups and other dishes. It is the central ingredient in callaloo, a west Indian soup, and used widely in Indian cuisine.

It deteriorates very quickly at room temperature but neither does it lend itself to refrigeration. In spite of this, it is exported (mainly by air) from Kenya, Mexico, Turkey, Zambia and Zimbabwe.

In early 1995 the wholesale price for the Mexican okra on the London market was £11 sterling for a 5 kg carton.

ORANMENTAL PLANTS
Over the last two decades an ornamental plant has become an essential part of the office, shop and restaurant furniture in most countries. Such plants range from tiny cacti in pots to full grown tress in shopping malls. They lend a light touch to the décor and boost the oxygen level a little. These plants need to be able to thrive in the relatively poor light of an office in northern latitudes. Some trees and plants that have evolved to live in the shade below the forest canopy in warm countries are ideal.

The international ornamental plant export industry is dominated by companies, based in the Netherlands and in Florida, USA. The pattern may be changing, however. Dade county, in Florida, which has a large concentration of greenhouses devoted to growing ornamental plants, was devastated by Hurricane Andrew in 1992. This was not the first time that local weather conditions had played havoc with the flow of supplies and customers in other countries are looking for alternative suppliers. In recent years Kenya, Colombia South Africa and Cuba have increased their export business.

Tropical ornamental plants grow many times faster in their native conditions than they do in temperate climates. Most of them need to be kept inside, out of the frost, once they reach Northern consuming countries. For these reasons it makes sense to grow them in tropical countries and only store them for short periods in warm greenhouses in temperate climates to acclimatise the plants regrow damaged foliage and maintain a minimum stock. This means that the plants must be transported over long distances. This can either be done by sea in containers that can be heated and the plants watered, or quickly by air. Both methods are expensive and the plants need to be packed densely but very carefully to keep the transport cost down.

In addition, there are many regulations governing the import of plants into developed countries. They must be planted in a fresh, sterile medium while being imported and they must carry a phytosanitary certificate issued by the plant Protection Service of the exporting country. Some types of the plant are prohibited for import altogether.

If these difficulties can be overcome and if the supplier can gain a reputation for reliability, the trade can be very profitable.

Prices of plants vary according to type and height, diameter, number of branches, etc, eith larger plants being more expensive than smaller ones.

1993 popular species, height and cif prices, US dollars

chysalidocarpus lutescens 80cm 6.55

chysalidocarpus lutescens 100cm 21.75

phoenix roebelenii multiple 40cm 5.00

phoenix roebelenii 25cm 20.85

phoenix roebelenii 60cm 76.00

phoenix roebelenii 100cm 93.75

Ficus nitida recto 30cm 4.85

Ficus nitida recto 100cm 32.50

Ficus nitida ballet 60cm 18.75

Ficus nitida mini 15cm 2.50

Latania rubra 140cm 61.50

Mascarena various 70.90

Dracaena various 70.00

Other plants of interest include areca palms, aspidistra, calamondin, citrus, cycas revolute, zamia furfuracea, pleomelle reflexa, adonidia palm, livistonia chinensis, Rhapis execelsa, Neodypsis decaryi, Strelitzia nicolai, Sanceveria laurentii/zeylanica, Schefflera amate/arboricolla/gold capella, Ficus benjamina, Adonidia merrilli, Ficus longifolia (allii),erumpens, Philo selloum, Bucida bucersa ‘Shady Lady’ and Pleomelle “Song of Jamaica’.

OURICURI WAX (also known as licuri wax)

Syagrus coronata

Ouricuri wax is produced in very small quantities by scraping with a knife the leaves of a species of palm tree. The wax naturally covers the undersurface of the leaves of the tree, which grows wild in some dry areas of Brazil. The wax is melted and strained before being marketed.

Ouricuri wax has similar properties to carnauba wax and has been used as a cheaper substitute for it for some purposes such as floor and furniture polish. The wax, however, contains a high resin content and, for that reason, is regarded as inferior. Only about 7000 tonnes are producesd annually.


You are here: Home >Market information > Tropical commodities and their markets> Commodities J-0

 


About Foodnet | About IITA | About ASARECA | Projects Funded Information_Exchange | Agro Enterprises | Postharvest | Links | Contact


Foodnet is an ASARECA research & development network funded by USAID
© 2002 FOODNET-Uganda. All rights reserved. E-mail:
foodnet@iitaesarc.co.ug
Web Design by Charles Lwanga M, Webmaster for IITA-ESARC

 

 
Market info Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Home | contact | Market News