Powder

What we see now is a growing deficit on powder, especially alkalized. Prices finally reach 2000 USD per 1 metric ton.

But main problem is a deficit of physical products. Main reason is the following. Main producers of cocoa powder have also a deficit of beans. So they don’t have enough powder to provide all their clients. Europe market is more attractive for cocoa producers as it’s possible to sell at a higher price than in the Russian market. That’s why the Russian market receives less and less physical powder.

Price perspectives. We have already made some new contracts with big international groups for first half of 2008. The price offered by cocoa powder producers is $50-100 higher than for the 4^th quarter of 2007. So, it’s expected, that market is going to continue it’s increase next year.

Liquor and butter

For today we see the price of Ghana liquor in the Russian market about 4600-4800 USD. During the second part of 2007 it’s expected, based on collected information from main trading houses, to be 5000-5200 or even up to 5500 USD per 1 metric ton. Also we see a great deficit in PORTEM brand and new PORTEM liquor is only expected to appear in the Russian market in December 2007.

Butter prices now are about 7300-7800 USD, depends on the quality and purchase volume. During the second part of 2007 it’s expected, based on collected information from main trading houses, to be 8000-8500 USD per 1 metric ton.