According to Trump’s book, “Crippled America: How to Make America Great Again,” he has called for a “trillion-dollar rebuilding program” that will be “one of the biggest projects this country has ever undertaken.”
Other industrial metals started rising before copper. Supporting the recent gains in base metal prices, markets saw improving data from China, the world’s largest consumer of industrial metals. However, some are beginning to doubt the sustainability of the metal market, pointing to signs of potential weakness in Chinese growth ahead.
Still, copper’s technicals are concerning. At least for the moment.
“The long-term, 10-year chart also gives rise to concern, for on it we can see that not only has the rally brought copper to the upper boundary of its major downtrend channel, but it has also brought it up into a zone of quite heavy resistance, so it is not hard to understand why it is having trouble making any further progress, and is increasingly vulnerable to turning lower again,” adds ETF Daily News.
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