A mystery trader bought all 241,000 tons of Europe’s cocoa beans this week. The purchase was so large that it sent the global cocoa market to a high that it hasn’t seen in over forty years.
No one knows who is behind the purchase of Europe’s cocoa beans, but there is speculation that it may be a hedge fund or group of speculators cornering Europe’s cocoa bean commodity market. Oddly, the cocoa beans were not traded as futures, but actually ‘delivered’ to the buyers, meaning the cocoa beans are warehoused on the buyer’s behalf.
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