Categories: Base Metals / General Market Commentary / Precious Metals
Topics: General Base Metals / General Market Commentary / General Precious Metals

Warnings as copper price surge continues

Warnings as copper price surge continues

While gold's initial rally following Donald Trump's victory in the US presidential elections have evaporated, the rally in industrial metals continued on Friday with the copper price jumping to a 17-month high.

In pre-regular hours trade on Friday copper for delivery in December gained 4% from Thursday's close trading as high as $2.6525 per pound ($5,847 a tonne) in New York, the highest since mid-June 2015.

The current upturn in the copper price is vulnerable to a correction in investor sentiment or profit-taking
Copper has risen during 14 of the last 15 trading sessions, adding 27% in the process. After underperforming other metals and steelmaking raw materials in 2016, copper is now firmly in bull market territory with a 24.5% rise year-to-date.

Warnings as copper price surge continuesThis week's copper gains came on the back of hopes that Trump would succeed in pushing through a spending program of $500 billion when he takes office next year with the president elect promising as much as $1 trillion over ten years to rebuild roads, bridges, airports, hospitals and schools.

To continue reading please click link http://www.mining.com/warnings-copper-price-surge-continues/