(Bloomberg) Commodities trader Trafigura Pte Ltd. said it is closing its flagship Galena Metals Fund, the latest hedge fund victim of the rout in raw materials markets from oil to copper. Commodities hedge funds are heading for their worst year since the 2008-09 global financial crisis, with some shutting down — including the $450 million Armajaro Commodities Fund — after losing money and clients.
“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.”
