British Cocoa Buy May Lead to Skyrocketing Chocolate Prices

July 19, 2010

(ChattahBox) – Europe may be facing a major rise in chocolate prices after a financier bought enough cocoa to possibly wipe out the entire continent’s supply.

The 241,000 tonnes of cocoa purchased is estimated to have a worth of more than $1 billion, and according to MSNBC, it could be all that is available on the European market, a shocking purchase.

Anthony Ward is responsible, the former chairman of the European Cocoa Association, and no the co-founder of a major hedge fund. He has managed to tip the balance of cocoa ownership, causing prices to rise in Europe, and to drop in the U.S.

“For one buyer it would be likely to be a little too large. It would be a crazy number. If it looks like cornering, feels like cornering and the price difference between Europe and the US is so large, it probably is cornering,” analyst Eugen Weinberg was quoted as saying.


Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of - Comments are the opinions of the individuals leaving them, and not of or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.