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Cocoa investor corners market

Tuesday 20th July 2010
A hedge fund manager has reportedly cornered a large piece of the world's cocoa market after buying 240,000 tonnes of cocoa beans.

The £650million investment buys enough cocoa to make more than five billion small chocolate bars.

The investment was reportedly made by Anthony Ward's hedge fund Armajaro - which would not confirm or deny the reports to the BBC.

The price of cocoa has risen sharply in recent years due to increased demand - and has just hit a 33-year high.

The deal is the single largest cocoa trade in 14 years, the reports suggest.

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