Since Armajaro, a London-based hedge fund, took delivery of 7% of the world's annual cocoa-bean production last month, there have been whispers about evil speculators. Sixteen cocoa companies complained to nyse Liffe on July 2nd that the market had been manipulated and called for more regulation. Armajaro's retort is that its position should not influence the market's long-term fundamentals. But that has not stopped prices surging, nor the fund's boss, Anthony Ward, being dubbed "Chocfinger" by British tabloids.
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