Drama mar tobacco opening selling day

Drama mar tobacco opening selling day
Published: 15 March 2017 (663 Views)
Zimbabwe's tobacco marketing season opened today in a bizarre manner after the much talked about  electronic auction system (e-auction) malfunctioned two hours into the first trading day.

This forcied buyers at the country's biggest auction floor Boka, to revert to the traditional manual system.

Industry regulator Tobacco Industry and Marketing Board (TIMB) launched the system to stop possible price collusion and the practice of sharing by buyers, leading to better prices for growers.

But the system failed to effect the early trades delaying sales at Boka, which traditionally mark the beginning of the season, after several buyers were locked out of the automated auctioning system.

"The units are not linking between TIMB and the buyers so we had to revert to the manual system and the highest bale so far fetched $4,60 and considering that this is still lower quality leaf it is a very good start for the farmers," Minister of Agriculture Joseph Made told journalists at the auction floor on Wednesday.

Made said as the season progresses the prices are expected to be firmer.

However, according to the Source, TIMB spokesperson Isheunesu Moyo said the system was functioning well at the other registered auction floors Tobacco Sales Floor (TSF) and Premier Tobacco.

Last year sales opened at $3,50 per kilogramme but prices quickly sunk to 20 cents per kg, leading to farmers protesting and stopping proceedings, calling the rates 'exploitive'.

About 202 million kg is expected this year, similar to the previous season. Tobacco is Zimbabwe's top export, and earns more than platinum and gold.

About 184 million kg will be sold to contract buyers while about 16 million kg will be sold via the auction floors.


- The Source

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Britain downplayed Robert Mugabe massacre in Zimbabwe

by Staff reporter | 20 September 2017 | 118 Views

NERA can be sued over 2016 anti-government protests

by Staff reporter | 20 September 2017 | 71 Views

Zanu-PF will win back Bulawayo seats, says Chipanga

by Staff reporter | 20 September 2017 | 80 Views

Senior CIO buried

by Staff reporter | 20 September 2017 | 171 Views

2 school children drown at Masiye dam

by Staff reporter | 20 September 2017 | 92 Views

Dictatorship not a mere love of power but a serious personality disorder

by Tendai Ruben Mbofana | 20 September 2017 | 76 Views

Jonathan Moyo's ZACC arrest challenge crumbles

by Staff reporter | 20 September 2017 | 112 Views

Strive Masiyiwa is a brand on his own

by Enos Denhere | 20 September 2017 | 126 Views

Son threatens to burn mother alive

by Simbarashe Sithole | 20 September 2017 | 77 Views

Teachers' unions in disharmony

by Staff reporter | 20 September 2017 | 65 Views

Man up for insulting cops

by Staff reporter | 20 September 2017 | 83 Views

Rivals face-off at UN summit over Mugabe

by Staff reporter | 20 September 2017 | 93 Views

Gwanda water crisis persists

by Staff reporter | 20 September 2017 | 56 Views

Is Bulawayo City Hall venue cursed?

by Staff reporter | 20 September 2017 | 70 Views

Warrant of arrest for Zanu-PF MP

by Staff reporter | 20 September 2017 | 95 Views

AAG reports town clerk to Mugabe

by Staff reporter | 20 September 2017 | 73 Views

MDC Harare East Youths fully geared for election

by Stephen Jakes | 20 September 2017 | 67 Views

RG Mugabe International Airport: Zimbabweans have made a statement

by Tafara Shumba | 20 September 2017 | 105 Views

Ndebele Royal Crisis-Two Kings,One Nation

by Thabo Kunene | 20 September 2017 | 81 Views

PICTURE: Mugabe 'sleeping' as Trump addresses UN General Assembly

by Staff reporter | 20 September 2017 | 114 Views

Politics of victimisation will destroy Zanu-PF

by Dr Masimba Mavaza | 20 September 2017 | 130 Views

Succession coming earlier to MDC-T

by Tichaona Zindoga | 20 September 2017 | 172 Views

Can a child legally consent to sex?

by Danai Chirawu | 20 September 2017 | 101 Views

Motorist sues ZRP for $9 000 over licence confiscation

by Staff reporter | 20 September 2017 | 137 Views

Panic grips MDC-T over Tsvangirai's health

by Staff reporter | 20 September 2017 | 153 Views

Mugabe, be warned, the nation is watching

by Staff reporter | 20 September 2017 | 101 Views

TRAGEDY: Grinding disc cuts man in half, kills him instantly

by Staff reporter | 20 September 2017 | 116 Views

Zimbabwe embassy seeks to join Grace Mugabe assault case

by Staff reporter | 20 September 2017 | 89 Views

Party bus for Vic Falls carnival goers

by Staff reporter | 20 September 2017 | 86 Views

Cops flee for dear life after they were attacked by gold panners

by Staff reporter | 20 September 2017 | 85 Views

Mliswa lambasts Grace Mugabe

by Staff reporter | 20 September 2017 | 147 Views

Technical hitches blight voter registration process

by Staff reporter | 20 September 2017 | 72 Views

Nando's bounces back from building collapse

by Staff reporter | 20 September 2017 | 66 Views

Freedom for sex deal flops: Cop up for rape

by Staff reporter | 20 September 2017 | 58 Views

Chamisa likely to be future Zim President Analyst

by Stephen Jakes | 20 September 2017 | 108 Views

Mujuru going it alone

by Staff reporter | 20 September 2017 | 76 Views

'Zanu-PF stands no chance next year'

by Staff reporter | 20 September 2017 | 76 Views

Sex worker steal from sleeping clients

by Staff reporter | 20 September 2017 | 102 Views