A British financier made a sweet investment last week that has created a lot of speculation about the imminent future of the cocoa trade, purchasing 241,000 tons of cocoa beans from a London futures exchange on Friday.
50-year-old Anthony Ward nabbed enough chocolate in the deal to fill five Titanics- a sufficient supply to manufacture 5.3 billion bars of chocolate. The move places a lot of the future of cocoa prices in Ward's sticky hands, and the big buy isn't his first:
"The paper also said that Ward has a net worth of £36 million ($49 million) and in the last decade has owned up to 15% of the world's cocoa supply.
This isn't the first time Ward has done something like this. Ward made £40 million ($55 million) in 2002 after buying 204,000 tonnes of beans when West Africa going through political instability and poor harvests. As the price of cocoa increased, so did his profits."
Rising cocoa prices aren't a new thing either- they've more than doubled since 2007 based on fluctuating markets. Chocolate prices rose .7% on Friday in response to the massive trade.