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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 sbSakMUjqENj4HtVJgG/Ng==

<SEC-DOCUMENT>0001485020-10-000002.txt : 20100325
<SEC-HEADER>0001485020-10-000002.hdr.sgml : 20100325
<ACCEPTANCE-DATETIME>20100325165905
ACCESSION NUMBER:		0001485020-10-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100325
DATE AS OF CHANGE:		20100325
EFFECTIVENESS DATE:		20100325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crimson Physical Commodities Fund, Ltd.
		CENTRAL INDEX KEY:			0001485020
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-139960
		FILM NUMBER:		10705075

	BUSINESS ADDRESS:	
		STREET 1:		C/O VERMILLION ASSET MANAGEMENT, LLC
		STREET 2:		267 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 683-8816

	MAIL ADDRESS:	
		STREET 1:		C/O VERMILLION ASSET MANAGEMENT, LLC
		STREET 2:		267 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Crimson Physical Commodities Fund Ltd
		DATE OF NAME CHANGE:	20100223
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001485020</cik>
        <entityName>Crimson Physical Commodities Fund, Ltd.</entityName>
        <issuerAddress>
            <street1>C/O VERMILLION ASSET MANAGEMENT, LLC</street1>
            <street2>267 FIFTH AVENUE</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10016</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 683-8816</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Crimson Physical Commodities Fund Ltd</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Vermillion Asset Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>267 Fifth Avenue</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10016</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Adviser of the Issuer (&quot;Investment Adviser&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <lastName>Andersen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Eclipse Management BV</street1>
                <street2>Pareraweg 45</street2>
                <city>Curacao</city>
                <stateOrCountry>P8</stateOrCountry>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gordon</firstName>
                <lastName>Casey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Eclipse Management BV</street1>
                <street2>Pareraweg 45</street2>
                <city>Curacao</city>
                <stateOrCountry>P8</stateOrCountry>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>Gilbert</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Vermillion Asset Management, LLC</street1>
                <street2>267 Fifth Avenue</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10016</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Nygaard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Vermillion Asset Management, LLC</street1>
                <street2>267 Fifth Avenue</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10016</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Zuech</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Vermillion Asset Management, LLC</street1>
                <street2>267 Fifth Avenue</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10016</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>25000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>This is a continuous offering.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Crimson Physical Commodities Fund, Ltd.</issuerName>
                <signatureName>/s/ Christopher Zuech</signatureName>
                <nameOfSigner>Christopher Zuech</nameOfSigner>
                <signatureTitle>Executive Officer of the Investment Adviser</signatureTitle>
                <signatureDate>2010-03-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----