Zimbabwe Auctions to Break for Election

Source from:  tr.itsmyiq.com Jun 20, 2008 06/23/2008

Zimbabwe's three tobacco sales floors will close between June 24 and 29, according to a report in The Herald quoting the Tobacco Industry Marketing Board's acting chief executive, Dr Andrew Matibiri. The break in sales coincides with the June 27 presidential election. "This decision was taken to enable tobacco growers to get their payments and travel back to their farms and homes in time for the presidential run-off election," Matibiri said. Agriculture Minister, Rugare Gumbo, welcomed the TIMB decision, which came just a week after Matibiri had denied what were then described as rumors that the sales would be interrupted. According to TIMB figures, so far this season 21.8 million kg of flue-cured tobacco have been sold for an average price of US$3.13 per kg over the three floors since the beginning of the selling season. This compares with the 24.5 million kg that had been sold for an average price of US$2.19 per kg at the same stage of the previous season. Flue-cured sales this season are said to have included also 13.2 million kg sold under contract for an average of $3.07 per kg, and 8.5 million kg sold on an individual basis for an average of $3.28 per kg. Meanwhile, so far 74,672 kg of Burley have been sold at an average price of US$1.64 per kg. Enditem