Zimbabwe’s leaf prices down 14 percent

Zimbabwe has sold 124 million kg of flue-cured for US$398 million so far during the current sales season, which began in the middle of February, according to a story by Oliver Kazunga for the Chronicle, quoting figures from the Tobacco Industry and Marketing Board.

By the same stage of the previous sales season, 98 million kg had been sold for US$370 million.

By day 52 of the current sales, the daily average price stood at $3.20 per kg, down by about 14 percent on that prevailing at the same stage of the previous season, $3.72.

The reduction in prices was put down to the poor quality of the offerings and stiff competition from other producers.

About 88 million kg of the tobacco sold was the subject of contracts, while the remainder had been sold over one of three licensed auction floors.