- Freeport McMoRan (FCX +6.1%) extends this week's breakout momentum to challenge 18-month highs along the $14 level as copper prices continue to soar.
- High-grade copper futures for December have soared 4% so far today, the most in more than a year, extending gains as investors prepare for a possible boom in infrastructure projects under a Trump presidency.
- Along with improvement in economic data from China, a major buyer of industrial metals, “Trump’s pledge to spend, combined with a surge in speculative demand on exchanges from New York to London and Shanghai, have all helped drive copper up to a 16-months high,” says Ole Hansen, head of commodity strategy at Saxo Bank.
- Along for the ride are copper producers Antofagasta (LON:ANTO) (OTC:ANFGF +11.3%), Glencore (LON:GLEN) (OTCPK:GLCNF +5.7%) and BHP Billiton (LON:BLT) (BHP +8.2%), as well as companies that may benefit from bulked-up spending on U.S. infrastructure projects, such as Dublin-based CRH (LON:CRH) (CRH +1%), which has surged 11% in two days as the U.S. market makes up 51% of its revenue.
- ETFs: JJC, CPER, CUPM
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Freeport, copper continue to surge on hopes for U.S. construction boom
Published 11/10/2016, 10:45 AM
Freeport, copper continue to surge on hopes for U.S. construction boom
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