Copper Headed for Best Week Ever

Copper briefly surpassed $6,000 a ton and headed for the biggest weekly rally ever as the metal became the focus for traders speculating on Donald Trump’s pledge to pour money into U.S. infrastructure.

Copper rose as much as 7.6 percent to $6,025.50, the biggest intraday increase since 2009. Prices were at $5,936 as of 11 a.m. in London. For the week, the metal is up 19 percent, the most in records stretching back to 1986.

As the most-traded base metal and a barometer of economic growth, copper has become a proxy for investors’ views that Trump’s presidency will boost government spending on infrastructure. The intensity of the rally has also been fueled by speculative trading in China, which will cool later this year, Citigroup Inc. said in a note.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam