Fragrant resin from some tropical trees (5)

I believe the answer is:

elemi

(Other definitions for elemi that I've seen before include "Fragrant tree resin used as incense - I'm Lee (anag)" , "aromatic resin" , "Resinous stuff" , "Tree resin; ie, elm (anag.)" , "It's fragrance" .)

I've seen this clue in The Telegraph.

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