Commodity traders forced to shut up shop by machines

It was in January 2016, after a slide in cocoa prices, that Mr Ward decided the days of traditional commodity investors doing well from taking positions based on fundamentals such as supply and demand may be numbered. Stock photo

Eric Onstad

'Chocfinger" made his name and his money by taking bold bets on cocoa markets. But after nearly four decades of trading, sometimes winning, sometimes losing, Anthony Ward threw in the towel.

Mr Ward blames the rise of computer-driven funds and high-frequency trading for forcing him and some other well-known commodities investors to close their hedge funds and look for opportunities where machines can't make a difference.