Global commodity markets bucked the strong dollar in November, led higher by a rally in copper prices.
The red metal jumped 19 per cent, the highest monthly rise since March 2009. The BCOM index rose 1.3 per cent, supported by industrial metals, which rose 10.3 per cent, the best month since September 2012.
In contrast, precious metals, which rallied immediately after Donald Trump’s victory in the US elections, retreated 8 per cent last month.
“The extreme divergence of industrial metals’ strength versus precious metals’ weakness should have positive macroeconomic implications,” said Mike McGlone, senior analyst at Bloomberg Indices.
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