Unknown bought the entire stock of European cocoa

Prices of beans updated 33-year high after a trader July 16 actually bought the entire stock of European "chocolate" beans. This party would be enough to make one chocolate bar every inhabitant of the planet, writes the British The Daily Telegraph.

Purchase of 241 thousand tons of cocoa beans is the largest operation of the market in 14 years. After the transaction price vvyrosla by 0.7% to a maximum of 1977, and reached 2,732 pounds per tonne. Such a price increase occurs on the background of several years of poor harvests in Ghana and Côte d'Ivoire, in the major regions where this crop is grown. And there is a fear that the fluctuations in the commodities market will affect the growth of prices for chocolate in stores.

It was learned that the operation was conducted hedge fund Armajaro Holdings, one of the founders of which is Anthony Ward, the newspaper said. Ward began his career path as an employee of the shipping service, then became a trader for cocoa and coffee.

In 2002, Ward for two months earned on such a deal of £ 40 million. He bought 204,000 tons of cocoa in a period of declining yields and political instability in Africa. Then over time, the price of cocoa has risen from 1,400 to 1,600 pounds per tonne. This transaction will allow Ward to control the entire volume of supply of cocoa beans Europe.

Since 2007, cocoa prices have more than doubled due to increased demand, particularly in China and India. As a result, chocolate manufacturers had to raise the price and change the recipe to reduce the consumption of a key ingredient, says The Daily Telegraph.

Source: InLine

Like this post? Please share to your friends: