Copper prices surged again Friday, capping the steepest advance in more than 35 years and helping extend a a global commodity marker rally in the wake of Donald Trump's U.S. election victory.
Copper prices on the London Metals Exchange traded past $6,000 per ton, the highest since early July 2015, after gaining 4.5% in overnight trading in Shanghai. If the advance holds through the trading day, copper's 17% price gain will market the steepest week rally since 1980.
Metals prices have been rising since Trump's early Wednesday win as traders predict the President-Elect will boost infrastructure spending with massive tax cuts and new borrowing in order to jump-start U.S. growth and create new jobs in the so-called Swing States in which he was elected.
Bloomberg's benchmark Global Commodity Price Index is up 1.29% on the week, with gains limited by a decline in global crude oil prices, which have dipped after reports of increased supply and waning 2017 demand.
London-listed copper producers include Glencore plc (GLNCY) , the world's biggest commodity trader, have seen shares outpace gains for the FTSE 100 this week amid the global rally. Glencore is up 14% so since Friday's close, extending its six-month gain to a staggering 107%. BHP Billition plc (BHP) , the world's biggest mining group, is up 8.6% over the week and 56% for the past six months.
London's FTSE 350 Mining Index has risen 12% this week, adding to its six-month gain of 22% compared to a 8.5% advance for the benchmark FTSE 100.