Certainly at this time it seems to be. Copper bottomed in early-mid 2009 and has been on a consistent bull run since. Hedge funds, domestic and overseas demand, especially from China are driving the price. Two large financial firms plan to offer copper investment funds in the future.
With volatility in currencies continuing and spreading, commodities like copper are seen to offer a refuge from this instability. And buying copper bullion is easy and inexpensive. Just about any budget can buy 1-oz coins or bars.
Just think about scraping and how some people steal copper from a/c units and other places to scrap for cash...it's definitely a highly valuable meta.
See
http://copperinvestingnews.com/5567/emerging-markets-the-driving-force-behind-coppers-rally/
http://www.kitcometals.com/charts/copper_historical.html
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