Copper’s outlook is bright

Article Excerpt

Copper is a flexible and spongy metallic element that is an excellent conductor of heat and electricity as well as being corrosion resistant and antimicrobial. This makes it useful for a whole range of applications in the transport, electronics, electrical, medical, and construction industries. Global demand for refined copper was 23.5 million tonnes in 2017, with an annual growth rate of 3.4% over the previous 15 years. Asia is responsible for 69% of global demand. China, alone, takes 50%. Chile is the main miner of copper with annual output of 5.6 million tonnes followed by Peru (2.4) and China (1.8). It is also home to the single-largest copper mine in the world—Escondida—and to 7 of the world’s 20 largest ine sites. China accounts for over a third of world copper smelter production, followed by Japan and Chile, each with 8% of that output. Copper prices generally follow cyclical patterns linked to global industrial production as well as the balance of supply…