Limbe Auction Floors opens on low note

Tobacco sales at Limbe Auction Floors in the commercial city of Blantyre on Monday picked on a low note, TAMA has confirmed.

According to a statement by Tobacco Association of Malawi (TAMA), business at Limbe Auction Floors did not start as expected.

The statement read: “Prices of the green gold ranged from $1.30 while the lowest price fell at 80 cents per kilogram slightly lower than the range of $0.80 to $ 1.70 per kilogram that the forex earner fetched on the first day of trading at Kenengo auction floors.”

TAMA attributed the market compromise to low quality leaf being offered at the market.

Economic experts earlier warned that low quality leaf at the market would result to high rejection rate and ultimately loss of millions.

When addressing the public after opening Kanengo Auction Floors in Lilongwe on Monday last week, President Prof. Peter Mutharika advised tobacco farmers to constantly supply the market with quality leaf.

Mutharika warned tobacco farmers against putting non-tobacco related materials in bales to ensure their tobacco is bought at better prices.

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