Superannuation

Copper slips further after Trump remarks


Copper slipped on Wednesday after US President-elect Donald Trump gave little guidance on new infrastructure spending at a press conference in New York, disappointing some who had hoped for a clearer view on policy.

The metal, used in construction, surged more than 10 per cent in the month following Trump’s election to the US presidency on November 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities.

Three-month copper on the London Metal Exchange closed down 0.8 per cent at $US5,714 ($A7,682) a tonne on Wednesday, off an earlier peak of $US5,788.50 ($A7,782.06), its highest since December 13.

“I think the markets were hoping for more, so they were disappointed,” Societe Generale analyst Robin Bhar said.

“Copper is now down almost $US50 ($A67) on the day.

“If (Trump) isn’t going to bolster growth through fiscal spending, then that’s got to be slightly disappointing compared to the hopes that were being built up post his election win,” he added. “It…

Read the full article at: http://www.news.com.au/finance/business/breaking-news/copper-slips-further-after-trump-remarks/news-story/eea1a39a7038faff2d89622a9897bf3c

Previous post

Ed Sheeran shows off dramatic weight loss

Next post

Gold at 7-week high after Trump speaks