Prices of copper in the US have surged since January, when President Donald Trump threatened to impose a tariff on imports of the metal that’s a vital component in power networks, plumbing and industrial machinery.

President Donald Trump sent out tariff letters to six smaller U.S. trading partners on Wednesday with a pledge to announce import taxes on other countries later in the day.

“This is not consistent,” Sløk adds. “Either the bond market is wrong, and rates must move higher due to accelerating growth. Or, equity markets are wrong, and stocks have to move lower because growt...