Odd Lots
One of the World’s Top Commodities Traders Says We Could Run Out of Cocoa
Pierre Andurand predicts an extreme shortage of the chocolate ingredient.
Pierre Andurand, founder of Andurand Capital Management LLP.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
This year’s melt-up in cocoa prices likely has further to go, according to the hedge fund manager who has made a big bet on the beans. He now sees a risk that the world runs out of cocoa stocks altogether.
Pierre Andurand, founder of Andurand Capital Management LLP, is best-known for his oil and energy trades, riding a multi-year bull market in commodities to power a more than sevenfold increase in his clients’ invested capital over the course of three years.