Thursday, 21 August 2014
Last updated 13 min ago
Jul 19 2010 | 1:32pm ET
Armajaro Asset Management probably isn’t going into the chocolate business, but it could after buying up nearly all of the available stocks of cocoa beans.
The London-based commodities firm took possession of more than 240,000 metric tons of the good stuff, worth as much as $1 billion, on Friday, according to public reports. It was the second-largest cocoa delivery ever, as was 20 times as large as the previous delivery, representing nearly all of the cocoa backing futures contracts on the LIFFE exchange and about 7% of annual production.
Armajaro is certainly no stranger to the cocoa business. Firm co-founder Anthony Ward is nicknamed “Choc Finger” in the British press, he’s long been betting on two of the world’s little addictions, coffee and chocolate, and is a former chairman of the European Cocoa Association.
The hedge fund now owns enough Cocoa to make more than 5 billion chocolate bars, fueling fears of a shortage in September.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note