Copper has rallied for the last five months on supply shortfalls as well as demand that’s being supported by the artificial intelligence boom, turbocharging consumption of the metal that’s used in wiring and renewable energy equipment. Frenzied buying across multiple metals in China has stoked the gains in recent weeks while the debasement trade, where investors avoid traditional financial assets, is also helping.
(Jan 19): Copper resumed gains as the dollar weakened on US President Donald Trump’s threats to impose tariffs over Greenland and China’s economic growth met the government target.
Trump said he would slap tariffs on eight European nations — including Germany and the UK — that oppose his plan to acquire Greenland. The levies sent precious metals soaring as investors sought havens and some of that appeared to spill over into base metals, despite the fact that the US-Europe trade war would likely be negative for industrial demand.
