Red Hot Copper Risks Melting: BAML

Since May, when the Industrial Metal  copper bottomed, the price appreciation has been spectacular, up nearly 15% in almost four months and is up 1.2% today alone. While copper is most often positively correlated with economic activity, a Bank of America Merrill Lynch report notes that other factors might be at play -- and it could be time for copper bulls to hedge.

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Copper is an industrial metal with high economic activity

Copper is an “economic industrial Metal.” Unlike gold, which is almost entirely an adornment metal, and silver, which is used for both adornment and practical economic purposes, Copper usage is mostly an Industrial Metal . Its primary usage...