Since November 10, the market price for copper rose by 600 USD on the London Metal Exchange (LME), to become 5,635 USD per ton.
Economists have reported that the increase is beneficial to commodity exporting countries such as Mongolia. According to the LME, this is the highest surge in the last year. The market price of copper had reached 4,700 USD per ton in Q4 of 2015. Currently, countries are selling copper for an average of 4,700 USD per ton.
According to the Financial Times, copper has had its best week in five years. Many analysts have attributed the surge to the election of president-elect Donald Trump on November 8.
It is said that the increase is largely a reaction to the sliver of Trump’s victory speech in which he addressed rebuilding U.S. infrastructure.