Copper Demand

Atomic Symbol: Cu

Copper is man's oldest metal, dating back more than 10,000 years and even today ranks third in world metal consumption after steel and aluminium as it is malleable, ductile, and a good conductor of heat and electricity. Electrical and electronic uses still dominate copper markets. The largest refined copper-consuming nations have long been the industrialized countries with large manufacturing bases including Western Europe, the United States, Japan and the U.S.S.R. although the recent trend has been toward increased consumption by the Asian countries. The leading copper producing nations are Chile, the United States, Canada, the U.S.S.R, Zambia, China, Poland, and Zaire

Events, Trends, and Issues:

World mine production of copper rose by about 900,000 tons (6.6%) in 2004. According to projections by the International Copper Study Group, 6 world refined copper production grew by only about 560,000 tons (3.7%), while world use grew by almost 900,000 tons (5.7%). Consequently, the production deficit, estimated at 375,000 tons in 2003, was projected to grow to 700,000 tons in 2004. Copper use in China was projected to increase by 6.6% in 2004. In response to the shortage of copper, global inventories declined throughout the year, while prices rose.

World Resources:

Global land-based resources are thought to be over 1.6 billion tons. Resources in deep-sea nodules were estimated to contain 700 million tons of copper.