[miningmx.com] – TRAFIGURA, a commodities trader, is to close its flagshp Galena Metals Fund owing to the continued slump in metal prices, said Bloomberg News.
Commodities hedge funds are heading for their worst year since the 2008-09 global financial crisis, with some shutting down – including the $450m Armajaro Commodities Fund – after losing money and clients, said the newswire.
“In view of the difficult conditions prevailing on commodities markets, Galena Asset Management has decided to wind down the Galena Metals Fund,” Trafigura said in a statement on Monday. “Investors have been informed and trading positions are being unwound in an orderly manner.’
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