Copper on track to record biggest weekly gains in 35 years, boosted by Trump's infrastructure hopes, China demand

Comex copper futures are extending rallies for the third consecutive week. Upward trajectory looks intact. Prices have reached the highest levels since June 2015 on Friday and are on track to book the biggest weekly gain in 35 years.

Sentiment remains underpinned amid resurgence of strong demand from the world’s top metal consumer, China. A Reuters report showed that Copper demand from China's power grid sector, which accounts for nearly half its consumption, surged 33 percent in the first eight months of the year.

Apart from that, Trump’s victory speech, which emphasized the need for fiscal spending and infrastructure growth, remains the underlying reason for the extensive rally in copper.

Copper hit highs of 0.733 on Friday, levels last seen since June 11, 2015. Copper prices are rising for the seventh consecutive session and up more-than 15% so far this week, on track to book biggest weekly rally in 35 years.