Copper has been mined for over 7,000 years. The Island of Cyprus in
the eastern Mediterranean was a major source copper for the ancient
world. The word copper originates from the Roman name for Cyprian metal
cuprum. The abbreviation of cuprum and the symbol on the Periodic Chart
of Elements is Cu.
Copper is one of the oldest metals and has been important throughout
the development of civilization. And it continues to play a crucial role
in our global economy today. Copper consumption continues to grow -- due
in part to its physical properties of high ductility, malleability,
thermal and electrical conductivity, and resistance to corrosion. It is
a major industrial metal ranking third after iron and aluminum.
Electrical uses of copper, including power transmission and
generation, building wiring, telecommunication and electrical and
electronic products, account for about three quarters of total copper
use. Building construction is the single largest market, followed by
electronics and electronic products, transportation, industrial
machinery, and consumer and general products. Copper is also used in
power stations and deep-sea oil platforms as it can withstand extreme
environments, and is non-magnetic and corrosion-resistant. Copper
byproducts from manufacturing and obsolete copper products are readily
recycled and contribute significantly to copper supply.
For the average North American to maintain their current standard of
living, approx. 1,500 pounds of copper per person will be required
during their lifetime. The average home contains approx. 400 pounds of
copper -- in electrical wiring, water pipes and appliances. The average
vehicle contains approx. 50 pounds of copper.
Copper is primarily found in minerals associated with sulfur or in
the oxidized products of these minerals. Copper easily combines with a
number of other elements and ions to form a wide variety of copper
minerals and ores. Copper minerals occurring in deposits large enough to
mine include azurite, malachite, tennantite, chalcopyrite and bornite.
Large deposits, relatively close to the surface are amenable to
relatively low cost bulk mining methods.
Pure copper is generally produced from a multi-stage process, beginning
with the mining and concentrating of low-grade ores containing copper
sulfide minerals, and followed by smelting and electrolytic refining to
produce a pure copper cathode. An increasing share of copper is produced
from acid leaching of oxidized ores.
Copper is an internationally traded commodity on the London Metal
Exchange (LME), as well as the New York Commodity Exchange (COMEX) and
the Shanghai Metal Exchange (SHME). Copper production and consumption
levels determine the price of copper. When demand for copper outpaces
worldwide production, copper inventories are low and the price rises.
However, when refining operations produce more copper than consumers are
using, prices drop. The price of copper also may fluctuate as currency
exchange rates change or because of unusual activity in the market.
