Drama mar tobacco opening selling day

Drama mar tobacco opening selling day
Published: 15 March 2017 (758 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

Chiwenga fails to issue termination letters to nurses

by Staff reporter | 20 April 2018 | 137 Views

Suspected thief bashed to death

by Staff reporter | 20 April 2018 | 121 Views

Fired nurses in panic mode

by Staff reporter | 20 April 2018 | 139 Views

Mukanya was home sick

by Staff reporter | 20 April 2018 | 96 Views

WhatsApp messages lead to divorce

by Staff reporter | 20 April 2018 | 118 Views

Traffic cop implicates bosses in fake fines book scam

by Staff reporter | 20 April 2018 | 132 Views

41 senior cops transferred

by Staff reporter | 20 April 2018 | 116 Views

Chamisa says military must be in the barracks

by Staff reporter | 20 April 2018 | 112 Views

Zanu-PF politburo meets to avert implosion

by Staff reporter | 20 April 2018 | 116 Views

'Mugabe remains our hero'

by Staf reporter | 20 April 2018 | 86 Views

Chiwenga fail to issue termination letters to nurses

by Staff reporter | 20 April 2018 | 84 Views

Mugabe humiliates Mukonori?

by Staff reporter | 20 April 2018 | 129 Views

Tsvangirai's death could not have come at a worse time

by Staff reporter | 20 April 2018 | 99 Views

Boris Johnson hosts Sibusiso Moyo for roundtable talks

by Agencies | 20 April 2018 | 91 Views

Biti sees potential $100 billion economy

by Bloomberg | 20 April 2018 | 88 Views

Zimbabwe opposition can win 'if it overwhelms polls'

by Carien Du Plessis | 20 April 2018 | 114 Views

Bigwigs corruption continues unabated

by Staff reporter | 20 April 2018 | 95 Views

Mnangagwa administration priorities warped

by Staff reporter | 20 April 2018 | 67 Views

Chinamasa, Gumbo self-enrichment plan exposed

by Staff reporter | 20 April 2018 | 101 Views

Zimbabwe denied Commonwealth observer status

by Staff reporter | 20 April 2018 | 78 Views

Mnangagwa stops funding Grace Mugabe's private school

by Staff reporter | 20 April 2018 | 85 Views

James Maridadi pens open letter to VP Constantine Chiwenga

by James Maridadi | 20 April 2018 | 125 Views

Mujuru diamond mine battle erupts

by Staff reporter | 20 April 2018 | 65 Views

MDC-T activist assaulted, kidnapped by soldiers

by Simbarashe Sithole | 20 April 2018 | 144 Views

MDC leader Welshman Ncube blasts govt for firing nurses

by Stephen Jakes | 20 April 2018 | 119 Views

Wenger leaves Arsenal

by Staf reporter | 20 April 2018 | 155 Views

Chiwenga to finish off 'running coward' Mnangagwa's presidential term?

by Wilson Mahlafuna Sibanda & Khohliso Maqhoba | 20 April 2018 | 304 Views

Government response to Nurses' strike is wrong

by Dumisani Mpofu | 20 April 2018 | 91 Views

'The rabbit killed my 8 children, husband'

by Staff reporter | 20 April 2018 | 183 Views

Abortion teacher fired

by Staff reporter | 20 April 2018 | 137 Views

Father, son in fight over 'prostitute'

by Staff reporter | 20 April 2018 | 147 Views

Chiyangwa exposed in 'Fifa lie' storm

by Staff reporter | 20 April 2018 | 121 Views

Women in street fight over footie star

by Staff reporter | 20 April 2018 | 161 Views

'Hands off married man' - Magistrate warns smallhouse

by Staf reporter | 20 April 2018 | 138 Views