Famed Oil Trader Andurand Bet on Cocoa Just Before Price Surge
- Futures have soared to record levels on weather, supply woes
- The trade has become increasingly risky due to volatility
Pierre Andurand
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Oil trader Pierre Andurand’s hedge fund bet on higher cocoa prices ahead of a massive surge last month, stepping into a volatile market for the key chocolate ingredient as other speculators retreated.
The fund took a small, long position in early March, according to a person familiar with the matter. Prices soared more than 60% last month.