Anyone expecting more from the Donald Trump rally in metals should probably consider just how much $1 trillion in government spending will actually buy.
That’s the amount the new U.S. president pledged to expand and rebuild American infrastructure like roads and airports over the next decade. While Trump has yet to make a formal proposal to Congress, investors already are betting a building boom will accelerate demand for raw materials. Prices for everything from aluminum to steel have surged since the election in November. Hedge funds hold their most-bullish position ever in copper.