Johannesburg - 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 US infrastructure.
Copper rose as much as 7.6% to $6 025.50, the biggest intraday increase since 2009. Prices were at $5 936 as of 13:00. For the week, the metal is up 19%, 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 said in a note.