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Doctor Copper may have jumped the gun – #SaxoStrats
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Copper broke its five-year downturn to record its best week in decades. But Saxo Bank’s head of commodity strategy Ole Hansen asks: has it got ahead of itself?
The industrial metal surged higher to record its biggest weekly gain in decades.
Chinese data improvements, incoming US president Trump's pledge to invest in infrastructure, and the surge in speculative demand have all helped drive copper to a 16-month high.
Copper had been trading sideways for the past year as rising supply kept hitting a market characterised by faltering demand, and Hansen examines where it could go from here.