The slowdown in the economy hurts the price of the copper. As the demand increases, it further drives up the price. Emerging Market: Emerging markets needs for housing, transportation, construction, and infrastructure grows at a fast pace, and it, in turn, pushes the demand for copper.The following four factors are the primary determinant of its price: It has a wide variety of uses in various industries its prices reflect the strength of the economy. South America has the most considerable number of mines, and the highest production of refined copper comes from China.Īs the global economy has grown and the need for infrastructure has risen, it has resulted in the increased demand. Underground mines and recycled copper scrap are the principal sources of the global supply. Though it has extensive uses, it is still not viewed as currency, unlike gold and silver, and therefore it is not as expensive as precious metals. It is the best conductor of electricity after silver.Ĭopper enjoys the status of “highly in demand” as it is the 3rd most consumed metal after aluminum and steel.Ĭopper is used in the following industries: These qualities of copper have made it the most preferred metal for electrical wiring in the buildings. It is known for its strength, flexibility, and high resistance to corrosion. It is the first metal used by humans thousands of years ago. It is shiny and reddish-orange in appearance. If you liked this article, then please share it on the social networking site.Copper is a soft, pliable and malleable metal. Environmental Protection Agency as antimicrobial.* More than 350 of them have been acknowledged by the U.S. They are identified by numbers preceded by a “C” and are assigned and reviewed by the Copper Development Association for ASTM. Currently, there are more than 570 copper alloys listed with the American Society for Testing and Materials International. Its most important properties include superior heat transfer, electrical conductivity, and corrosion resistance.Ĭopper is easily alloyed with other metals. It is considered a semi-precious, non-ferrous, malleable metal with many hundreds of applications in the areas of electricity and electronics, plumbing, building construction and architecture, industry, transportation, and consumer and health products. Twenty mines account for about 99% of production.Ĭopper is element number 29 on the Periodic Table of Elements. ![]() United States copper production largely comes from deposits in Arizona, Utah, New Mexico, Nevada, and Montana. Known land-based resources of copper are estimated to be 1.6 billion metric tons of copper (USGS, 2004). It ranks third after iron and Aluminum in terms of quantities consumed in the USA. And, its antimicrobial property is becoming increasingly important to the prevention of infection. It is an essential nutrient in our daily diet. It is a major industrial metal because of its high ductility, malleability, thermal and electrical conductivity, and resistance to corrosion.
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