Zimbabwe: Tobacco Prices Continue to Firm

Source from:  The Herald 08/12/2009

Harare - Tobacco prices have continued to firm at the auction floors as the 2009 selling season draws to a close, with prices hovering between US$3,20 and US$3,36 per kg. With just three weeks to go, deliveries which have been firm are beginning to slow down. Sales are expected to be completed by end of August. The 42 million kg set as the target has already been surpassed and the surplus that had been coming through has been attributed to tobacco left from last season. The current season is expected to end with just over 50 million kg having been delivered. As of last Thursday 49,3 million kg had been sold at an average price of US$3,01 that raked in US$148,7 million. This compares favourably with the 36,7 million kg that was sold during the same period last year at US$3,19 which grossed US$117,6 million. Of the 49,3 million kg, 33,3 million kg was sold under contract realising US$101,8 million while 16 million kg was sold under individual sales realising US$46,9 million. Under individual sales Tobacco Sales Floors has sold the largest amount of tobacco weighing 6,6 million kg that is worth US$19,9 million followed by Zitac with 4,7 million kg worth US$13,1 million. Burley Marketing Zimbabwe sold the least tobacco weighing 4,6 million kg which is worth US$13,8 million. Enditem