Copper Soars Nearly 7% As Trump’s Victory Promises Robust Growth
Copper led gains in commodities on Thursday, rising to a 16-month high, as the metal has been boosted by bets on a rise in infrastructure spending in the U.S.
Copper, which is regarded as a bellwether of the global economy due to its wide range of industrial uses, hit the highest level since mid-July, 2015 at $2.5508/lb.
The commodity looks set to close the week sharply higher amid speculation that Donald Trump’s expansionary fiscal policies and infrastructure improvements will boost metal prices worldwide.
In his victory speech, Trump stated that he would embark on a project to rebuild American infrastructure and would double U.S. economic growth.
Buy Stop at 2.5400, take profit at 2.5630, stop loss at 2.5300