The Biggest Attempts To Corner Commodities
“With this singular days trade, Anthony Ward became owner of 7% of the whole annual cocoa production and cocoa price rose to their highest level since 1977.” Chocfinger and His ‘Sweet Plans’ Anthony Ward, previously a little known hedge fund manager, gained notoriety through the concentration of his trades in cocoa. On just one day in July 17, 2010 he spent as much as £658 million on cocoa, purchasing instruments ranging from the physical beans to future contracts, amounting to 240,100 tonnes of “sweetness”. With this singular day’s trade Anthony Ward became owner of 7% of the whole annual cocoa production, and cocoa prices rose to their highest levels since 1977.
CHART - COCOA
February 2013
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