Workflow
价格崩盘,金融大佬巨亏57%
Zheng Quan Shi Bao·2025-08-03 14:58

Core Insights - Pierre Andurand, a renowned oil trader, has faced significant losses in the cocoa market, with his flagship fund down 57% year-to-date as of June 30 [2][3][4] - Cocoa futures prices have dropped over 29% this year, with a notable decline of more than 3% on August 1, reaching $8,227 per ton [5][13] - Weak global demand, particularly in Europe where cocoa bean processing fell 7.2% year-on-year in Q2, is a primary factor for the price drop [4][13] Fund Performance - Andurand's fund, "Andurand Commodity Enhanced Fund," experienced a stark contrast in performance compared to 2024, when it achieved a 50% annual return due to successful cocoa price bets [4][5] - The fund suffered substantial losses in early 2025, with a drop of approximately 17% in January and nearly 25% in February [8] - Despite acknowledging the disappointing performance, Andurand remains optimistic about future cocoa prices, maintaining a bullish stance on the market [11] Market Dynamics - The decline in cocoa prices is attributed to concerns over demand, with significant reductions in processing volumes reported in both Europe and Asia [13][14] - The high cocoa prices from the previous year have started to suppress consumer demand, particularly in the chocolate market, amid ongoing global inflation pressures [13][14] - The global chocolate market is experiencing its most severe decline in a decade, with forecasts indicating a cocoa surplus in the upcoming years [14]