Copper prices setting up for record surge

Copper prices are headed for record highs as commodity traders rotate out of oil, according to technical analysis conducted by Bank of America. 

Copper futures traded at CME Group on Wednesday jumped 19.15 cents to $4.5205 per pound, breaking through two key resistance levels on the way to a new 50-day high. At the same time, West Texas Intermediate crude oil hit the bank’s price target of $81 a barrel.


"We think a wholesale commodity rotation is underway in favor of reducing oil longs in exchange for copper longs," Bank of America Technical Strategist Paul Ciana wrote.