The most common and most likely answer to this crossword clue is the 6 letter word KERMES
K
E
R
M
E
S
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The straight part
We know that "Red matter" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case red matter = kermes.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does KERMES mean?
KERMES noun- Any of several insects of the genus Kermes.
- A crimson dye made from the crushed bodies of these insects.