Speculative traders have amassed a $8.7bn bet on further gains, the largest ever
Hedge funds have piled into the cocoa market since the end of last year, exacerbating a record-breaking surge in prices sparked by poor harvests in West Africa. Speculative traders have amassed an $8.7bn bet across London and New York cocoa futures contracts that prices will continue to rise, the largest ever in dollar terms, according to positioning data from the Commodity Futures Trading Commission.
Cocoa has been the single biggest contributor to profits at such funds so far this year, according to a portfolio compiled by Société Générale, which aims to emulate a typical strategy in the sector. “Various speculative traders that have not been trading cocoa for a long time have now jumped in,” said Harold de Boer, managing director at Transtrend, a Rotterdam-based quantitative hedge fund.
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