Red kite, the world's largest metal hedge fund, closed.

SMM6, March 24 / PRNewswire-Asianet /-due to rising management costs and investor divestment, Xi'an Maike Metals International Group and Red Kite Fund Management closed Red Kite, a China-focused metal hedge fund jointly managed by both of them.

Xi'an Maike, China's largest copper importer, also has real estate, futures brokerage and logistics businesses. Xi'an Maike and Red Kite set up the Red Kite Fund in 2008.

He Jinbi, chairman of Maike Group, said in an interview that the partners began to dissolve the Red Kite Fund last month and are currently in liquidation.

The closure of the Red Kite Fund marks the end of the partnership between the two major dealers.

, Red Kite did not respond to the above message.

In 2006, the Red Kite hedge fund was one of the most profitable funds in the commodity market, earning more than 100%. However, at the peak of earnings, along with the fall in metal prices, the long position that once brought huge gains to the fund has undoubtedly become the source of losses.

Although commodity prices are now volatile, redemptions by investors have led to the closure of some well-known funds.

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