Copper Defined and Applications
Copper (Cu) is a chemical element belonging to the Group 11 of the periodic table. It is very ductile and has a significant electrical and thermal conductivity. Its atomic number is 29 and has a density of 8.96. It has a reddish-gold colour with a face-centred cubic crystalline structure. Copper has very low chemical reactivity; turns greenish when exposed to moist air. It is a principal element of multiple alloys and compounds.
Copper (Cu) has several applications across many end-user industries. Copper sulphate finds broad application in the agricultural sector as a poison and as an algicide in water purification. In addition, it is an excellent conductor of electricity which makes it ideal for electrical wiring, motor parts, wires etc. It is used in a wide range of goods ranging from saucepans, cans etc., to planes, electricity cables, planes, and space vehicles. It also finds use as a gold and silver alloy. It is also among the most common materials in plumbing, piping etc.
Copper Market Trends
Copper is witnessing high demand owing to the growth and development in the construction sector. The rising projects of renovation and remodelling, paired with the rising infrastructural development of backward and rural areas, are driving the market’s growth. In addition, copper is the primary element in superconductors which is employed in all high-end electronics. Due to its high electrical or thermal conductivity, it is used in electrical manufacturing, including in electromagnets, electrical wiring, heating elements, semiconductors, heat sinks, microchips and welding electrodes. Also, copper’s use in plugs, piping, composing valves, and fixtures, along with tunnelling technology, will boost demand growth.
Where is Copper found?
Industrial copper is sourced in many ways, primarily using mining and recycling.
Copper Extraction from Underground Mines: Copper is extracted by miners from ore deposits that are present in underground or open pit mines. The successful execution of the mining demands an ore that is concentrated and can be ground into fine material. Next, the copper is split from waste materials and refined further using the smelting process.
Industries With the Highest Copper Demand
- Building Construction
- Transportation Equipment
- Electric and Electronic Products
- Consumer and General Products
- Industrial Machinery and Equipment
Key Players in the Copper Market
- Umicore N.V
- American Elements
- MMC Norilsk Nickel PJSC
- Korea Zinc Co., Ltd.
- Jinchuan Group International Resources Co. Ltd
- Glencore plc
- The Doe Run Resources Corporation
- Codelco Mining company
- Freeport-McMoRan Inc.
- Broken Hill Proprietary (BHP)Group Limited
- Rio Tinto plc
Copper Price Trend
The copper prices in the market in China were crippled in the recent quarter. As the covid restrictions were relaxed by the government, the factories began production on a high scale. Still, as a result of the wait-and-see attitude from the downstream industries, the price trends for the metal depleted. The Indian copper prices followed a similar trend because of the looming recession fears and the central banks worldwide tightening their monetary policies in order to control inflation.
The spike in interest rates in the US and China reducing its production as a consequence of the covid-19 restrictions led to the rise in speculations about recession worldwide. Thus, the metals prices are declining in the middle of frail demand from other sectors.
Recently, a drop in the prices of metal was witnessed in the US domestic arena as recession fears loom. Also, the collapse in demand was provoked due to the speculations of recession leading to declining prices.
As per Procurement Resource’s blog, the copper market is witnessing fluctuations due to the rising fears over recessions. Furthermore, copper is a vital metal that has numerous uses across a wide range of industries, including construction, automotive etc., which furthers its demand and need for procurement. Hence, owing to its rising demand, the market experts are looking to source it, which gives rise to the need for a leading industry expert like Procurement Resource, which helps you with all your business needs.
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