Cu has surged over 5% from its initial panic-like sell-off as Trump’s win propelled the US dollar higher. There’s nothing like a sharp reversal to see traders scramble to cover “bad bets.” Overnight, copper’s 4.5% gain saw related ETFs power over 6% higher. Pundits have considered these miners unlikely beneficiaries of a Trump administration, but we believe they could be missing a great opportunity by focusing on the obvious “Trump Trades”. A strong US economy is good for global growth, and copper has a high correlation to said growth. While Trump is apparently anti EV, Elon Musk may be chipping away at that view!
- We remain bullish on Cu into 2025, with an ultimate test of $US5.00 not out of the question.
MM is bullish towards Cu medium-term
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