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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
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          <ccc>XXXXXXXX</ccc>
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      </filer>
      <investmentCompanyType>N-2</investmentCompanyType>
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  </headerData>
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    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Gemcorp Commodities Alternative Products Fund</registrantFullName>
      <investmentCompFileNo>811-23940</investmentCompFileNo>
      <registrantCik>0002012980</registrantCik>
      <registrantLei>98450041997B5FAC0A48</registrantLei>
      <registrantstreet1>12 East 49th St Suite 18th Floor</registrantstreet1>
      <registrantcity>New York</registrantcity>
      <registrantzipCode>10017</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>16469798494</registrantphoneNumber>
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        <website webpage="www.gemcorp.net"/>
      </websites>
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        <locationBooksRecord>
          <officeName>ALPS Fund Services Inc.</officeName>
          <officeAddress1>1290 Broadway</officeAddress1>
          <officeAddress2>Suite 1000</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
          <officeRecordsZipCode>80203</officeRecordsZipCode>
          <officePhone>18552984236</officePhone>
          <booksRecordsDesc>Fund Accounting, Financial Reporting and Legal Records
</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Citibank N.A</officeName>
          <officeAddress1>4 Times Square</officeAddress1>
          <officeAddress2>6th Floor</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NY"/>
          <officeRecordsZipCode>10036</officeRecordsZipCode>
          <officePhone>18006273999</officePhone>
          <booksRecordsDesc>Custodian, Distribution Paying Agent , Transfer Agent and Registrar</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
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      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>N</isSecuritiesActRegistration>
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        <director>
          <directorName>Bradley Dietz</directorName>
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          <directorName>Susan Regina Dodge</directorName>
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            <fileNumberInfo fileNumber="N/A"/>
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        </director>
        <director>
          <directorName>Ahmad Al-Sati</directorName>
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          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
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            <fileNumberInfo fileNumber="N/A"/>
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      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Jerald Francis Wirzman</ccoName>
          <crdNumber>N/A</crdNumber>
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          <ccoStreet2>Suite 1000</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80203</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
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            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
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        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-35384"/>
        <releaseNumberInfo releaseNumber="IC-35733"/>
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      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>ALPS Distributors, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-34626</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>N/A</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-CO"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-OH"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Gemcorp Commodities Alternative Products Fund</mgmtInvFundName>
        <mgmtInvLei>984500605390C9DB7427</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundTypes>
          <fundType>Interval Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Gemcorp Capital Advisors LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-130200</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000329386</investmentAdviserCrdNo>
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            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>SS&amp;C GIDS, Inc.</transferAgentName>
            <transferAgentFileNo>84-00448</transferAgentFileNo>
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            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank N.A</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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          <shareholderServicingAgent>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITICORP SECURITIES SERVICES, INC.</principalName>
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          <principalTransaction>
            <principalName>SEAPORT GLOBAL SECURITIES LLC</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>32207814</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Class U</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="GCPUX"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Class I</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="GCPIX"/>
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        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.50</managementFee>
      <netOperatingExpenses>3.49</netOperatingExpenses>
      <marketPricePerShare>N/A</marketPricePerShare>
      <netAssetValuePerShare>9.96</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Gemcorp Commodities Alternative Products Fund" signedDate="2024-12-31" signature="Ahmad Al-Sati" title="President"/>
  </formData>
</edgarSubmission>
