Tobacco auction floors open 30 March

Tobacco auction floors open 30 March
tobacco

The TIMB has already licensed 23 buyers to buy from auction floors while 15 merchants have been approved for contract sales.

THE 2016 tobacco selling season will this year open on March 30 with 160 million kilogrammes expected to go under the hammer.

“Tobacco auction floors will open for business on March 30 while the contract system will begin a day later,” the Tobacco Industry and Marketing Board announced.

The TIMB has already licensed 23 buyers to buy from auction floors while 15 merchants have been approved for contract sales.

Traditionally auction floors opened mid February so farmers could be cushioned from cash shortages, however, last year the auction floors opened on March 4 and got off to a chaotic start as farmers protested against the low prices were the first bale sold for US$3,50 per kg compared to US$4,85 the previous season.

Follow us on Twitter on @FingazLive and on Facebook – The Financial Gazette   

Connect With Us

Fingaz Polls

Should medical practisioners demand cash upfront from patients on medical aid?