Malawi Tobacco Sells for 24% Below Government's Regulated Price at Auction

Source from:  Bloomberg 09/21/2010

The average price of tobacco in Malawi, the world's largest producer of burley tobacco, dropped 24 percent below the government-set price of $2 per kilogram (2.2 pounds) about a week before the close of sales. The leaves sold at average $1.52 per kilogram in the week through Sept. 17, from $1.67 recorded two weeks ago, Auction Holdings Ltd., the Lilongwe-based manager of Malawi's auction floors, said in a statement published in the Daily Times newspaper today. During the week, 3.9 million kilograms of tobacco worth $5.9 million were sold, it said. Enditem