Not according to Wells Fargo, which said in a recent note that it was "not convinced that copper deserves a MD (doctor of medicine) but that it deserves a PhD in economics" instead.
Three-month copper on the London Metal Exchange is trading around $4,650 a metric ton, which is 0.8 percent lower year-to-date but 10 percent lower from a year ago. And Goldman Sachs forecast recently that the metal would see some significant price pressures in the coming months due to a"wall of supply".
Prices of most commodities have been under pressure since the summer of 2014 due to the crash in oil prices on a supply glut and as concerns over the economic slowdown in China weigh.
Copper's weakness should, in theory, signal bad news for the economy; the metal is called Dr. Copper because it is used in so many industrial applications that its price is often cited as an indicator of economic health.