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MTECHTIPS:-Copper on track for highest close since June 2015

Tuesday, November 15, 2016 2:03
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MTECHTIPS:-Copper on track for highest close since June 2015

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MTECHTIPS- Copper prices rallied on Monday, adding to gains after posting its strongest weekly rise since 1980 amid growing optimism surrounding the effects of a Donald Trump presidency on the U.S. economy. Copper for December delivery on the Comex division of the New York Mercantile Exchange jumped 3.8 cents, or 1.51%, to $2.547 a pound by 8:55 AM ET (13:55 GMT). It soared to $2.734 on Friday, a level not seen since June 2015, amid expectations that a Donald Trump presidency could unleash a flood of infrastructure spending. Trump stated during the campaign that he would spend more on repairing aging roads, airports, ports and take on other infrastructure projects. Prices of the red metal rallied nearly 11% last week after Trump raised the prospect of increased infrastructure spending, while recent signs of strengthening demand in China have also underpinned prices. Copper is regarded as a leading indicator of the global economy. It is used in the construction of buildings, power generation and transmission and the manufacture of consumer electronics. Elsewhere in metals trading, gold prices fell to a more than five-month low, as market players continued to dump the yellow metal in wake of Donald Trump’s victory in the U.S. presidential election

 

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