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Acording to Chris Summers of BBC News, "The five main theories are: * That red mercury is a reference to cinnabar, a naturally-occurring mercuric sulphide. The red pigment derived from cinnabar is known as vermillion. * That it is a reference to the alpha [crystalline] form of mercury iodide, which changes to a yellow colour at very high temperatures. * That it is simply referring to any mercury compound originating from the former Soviet Union. The 'red' tag would simply be a legacy of [the Cold War] era. * That it is a ballotechnic mercury compound which just happens to be red in colour. Ballotechnics are substances which react very energetically when subjected to shock [compression] at high pressure. They include mercury antimony oxide which, [according to] some reports, is a cherry red semi-liquid produced in Russian nuclear reactors. This theory contends that it is so explosive that a fusion reaction - a nuclear explosion - can be triggered even without fissionable material such as uranium. * That it is a military codeword for a new nuclear material, probably manufactured in Russia."
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