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.

Trump has set a baseline tariff of 10% on all imports to the United States, as well as additional duties on certain products or countries.

“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...