Copper sends caution signal on U.S. stocks to strategist

Copper’s rally after years of losses is ominous for U.S. stocks, according to Albert Edwards, a global strategist at Societe Generale SA. He highlighted the link between the metal’s price and the S&P 500 Index since 2011 in a report, published Thursday. Rising prices for copper and other industrial metals reflect traditional moves “that occur towards the end of the economic cycle,” wrote Edwards, who has been bearish on stocks since 1996 as part of a thesis he calls the “Ice Age.”