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17

One of the Last Metal Hedge Funds Says China to Bring More Pain

By Tony Seruga

Paul Crone says market set for “fresh muti-year lows”
Production cuts not yet enough to offset weak demand

The biggest rout in industrial metals since the financial crisis is set to deepen as mining companies fail to cut production enough to make up for slowing demand, according to Citrine Capital Management LLC.

“We could make fresh multi-year lows across metals in the next six months,” Paul Crone, founder of Citrine, said in an interview this week.

New York-based Citrine is one of the few surviving hedge funds investing exclusively in metals, alongside Red Kite Group. Galena Metals Fund, the flagship fund owned by trading house Trafigura Pte., closed last month due to “difficult conditions prevailing on commodities markets.”…

One of the Last Metal Hedge Funds Says China to Bring More Pain

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