Copper Market: Driven by Growing Demand from Asia Pacific, Chile Remains Largest Producer

Copper is a metal that mankind has used for several purposes for millennia, including in jewelry, in construction, and, in modern times, as an excellent conductor of electricity. It also has a role to play in keeping our body healthy, being a part of the skeletal system.

In modern times, it is copper’s electrical conductivity that has made it popular commercially. Due to its low prices, particularly in comparison to other metals that are better conductors than it – gold or silver – it is widely used in electric wires. It is also an important component in construction. Due to the growing demand from the construction industry in the developing world and the demand for electricity supply any new construction naturally entails, the global copper market is growing at a sturdy rate.

Favorable Physical Characteristics of Copper Boosting Global Market

The important role of copper in human life, both historically and in modern times, is no accident. Copper is an extremely ductile and malleable metal, which means it lends itself easily to being drawn in wires or being pressed flat. This plasticity of copper, when combined with its excellent thermal conductivity, led naturally to copper becoming a common metal in utensils from a very early time.

With the commercialization of electricity, the high electrical conductance of copper also became altogether more important. In the first decade of the 20th century, with the worldwide spread of electricity still not much more than Edison’s pipe dream, the global production of copper totaled a bit more than 700,000 tons. A century later, as electricity became the world’s preferred energy source, copper production had grown by more than 25 times, ending up at around 18,000,000 tons in 2014.

Moreover, due to the same plasticity that makes it so useful to mankind, copper is easily reusable. It can be remolded into different shapes and copper wires themselves can be used for long periods. This high utility and versatility of copper is the prime factor ensuring steady demand from the global copper market.

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Demand for Copper from Asia Pacific Surges Ahead of North America

China and India, two of the most dynamic economies in the world, have been near the top of the demand charts from the global copper market for much of the last two decades. The U.S. led demand from the copper market till 2002, when China overtook it as the largest consumer of copper. China’s massive infrastructure boom is tied with the rise in its demand from the global copper market, with demand for copper from China steadily growing ever since then.

As for production, copper reserves are abundant in the New World, with three of the top five and five of the top 10 producers of copper coming from the Americas. Chile is by far the largest producer of copper, accounting for close to a third of the global copper production in 2014 and producing more copper than the next four highest producers – China, Peru, the U.S., and DR Congo – put together.

Asia Pacific is expected to lead the global copper market in the coming years, with growing demand from countries such as China and India complemented by rising production in China, Australia, Indonesia, etc.

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