MARKET TALK: Fund Notice Period Quells Copper Rumor Mill

The acceptance by investors in US hedge fund Red Kite of a longer redemption period should "quell the short-term rumor mill" in copper, a broker says. The notice period for investors' withdraw of money is now 45 days from 15 days previously, and Red Kite is an active copper market participant. "This new notice period is much more in line with the industry norm; some funds are 12 or even 18 months," the broker adds. But notes the "real issue will be how much money has to be paid out at the end of the first quarter." LME copper trades last at $5,457 a metric ton, up 4% from $5,260/ton Thursday.