0243 GMT - Hillgrove Resources' new copper-hedging program is modest and adds a good level of support in case prices soften, according to analysts at MA Moelis Australia. They say it makes sense for Hillgrove to ensure a minimum price for some of its production. The volumes--Hillgrove hedged 3,600 metric tons over the 12 months--seem appropriate, they add. "While recent times have seen the market grow cautious of hedging in general, it is still incumbent upon companies to ensure appropriate risk mitigation," the analysts say. MA has a buy rating and a 9.5 Australian cents a share target on Hillgrove. The stock is down 0.8% at 6.35 Australian cents.