Business
Why ASX copper shares are cheering for Joe Biden
If you thought former United States president Donald Trump had the corner on moving global share markets, think again.
After pushing through a US$1.9 trillion (AU$2.4 trillion) pandemic relief package early in his presidency, Joe Biden is now pressing ahead with a US$2.3 trillion infrastructure spending proposal.
Unlike his predecessor, Biden is proposing a massive increase in government funding for renewable energy and electric vehicles (EVs).
Which brings us to ASX copper shares.
Why copper miners are cheering for Joe Biden
If EV adoption takes off in the car hungry US, the demand for copper will too. Although lithium may get much of the headlines when it comes to battery power, EVs also require a lot more copper than petrol…
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