Copper soars on the prospects of better demand created by the excitement of a Donald Trump presidency, but crude oil is being left out. Concerns that President Elect Trump would cause a surge in domestic oil production will be another factor that will make it harder for OPEC to cut production.
A rally in major world stock markets lost some steam on Thursday despite a continued surge in bank shares, as investors reassessed positions, while U.S. bond yields continued to climb on the likelihood of inflation under President-elect Donald Trump's proposed fiscal policy.
As an add on for my miners and refiners, I do watch the price movement of ferrous metals, and yes, as of late they have just tanked downward with iron leading the pack at -16%, steel (-6%), aluminum (-7%), copper (-9%) and nickel (-8%), with all of these markets just cratering to new lows and with record breaking downward action in some cases, resembling more of an anvil dropping off a cliff, rather than the normal day to day trading action. In some areas, such as rolled sheet steel, it was limit down last week, which ended up being 6% of the entire base price of rolled steel.