Copper futures finished a record week for the sturdy metal, just after the U.S. presidential election, with December Comex prices settling at $2.50 per-pound last Friday, after rising as high as $2.73 per-pound earlier in the week.
In London Metal Exchange trading, copper rose 4% and crested at $5,625 per ton late last week, copper's highest levels since July 15, 2015.
Traders and analysts say the incoming Trump administration's expected infrastructure push is driving copper prices higher. Stronger demand in major country economies likes China is helping to spur copper prices along, as well.
"With copper likely to have its biggest up week ever, it appears that anticipated infrastructure spending in the U.S. is credible and will eventually have a substantial positive impact on corporate profitability," states Alan Bush, a commodity analyst at ADM Investor Services, in Chicago.
Others agree, adding that the China demand issue is very much in play.
"The markets are now looking at Trump's policies and seeing more growth around infrastructure, and in general," analyst Lachlan Shaw of UBS in Melbourne told CNBC last week.
"To the extent there was raising of trade barriers between the U.S. and China, I think it's more likely that China would stimulate domestically, a positive for construction and for metals," he adds.
That seems to be the case, as from October 24 the December Copper Futures have rallied from $2.09 a pound to a high of $2.73 on November 11, or plus-30.6% in 18 calendar days.
"The primary reason is that China has been a steady buyer, and the London warehouse inventory is extremely low," notes Victor Sperandeo, CEO at EAM partners, which developed the Trader Vic Index, a collection of futures contracts in commodities, currencies and U.S. interest rates. "Chile exports of copper were recently down - 6.3% in October, which is also a factor and led to a short squeeze."