Copper is easily one of the most widely used compounds around. It’s used in factory applications, construction, electronics, and power generation. We likely own and use several products that use copper in some way or the other. It’s an essential part of almost every industry out there. Recently, copper prices have seen a lot of shifts, owing to the pandemic. After historic lows, the prices are now rising as the world recovers. However, with prices on the rise, the best way to get copper can be by recycling scrap metal. There are several benefits to this process, and you can keep reading below to learn them and some reasons why copper is so expensive.
Why are copper prices so high?
The mineral is often referred to as ‘Dr. Copper’, because the price of copper shows the state of the economy. High prices of copper suggest that the economy is doing well, while lower prices suggest the opposite. Copper prices dropped to significant lows of up to $4774 per ton in March when the Corona-virus spread globally. Closed borders and trade and an overall drop in industrial and construction activity globally led to this drop. However, as the world heals from the pandemic, copper prices are on the rise again. Currently, prices stand at $6636 per ton and can increase as global industries stabilize.
What industries are using copper?
Copper is one of the earliest extracted metals by humans. It was tools made from copper ore in the Stone Age that led to the advancement of civilization. A variety of industries use copper. The largest industry using copper is the construction industry, with copper being used for making joints, water pipes, and heating and cooling systems. Additionally, copper is extensively used by the electronics industry, with copper wiring being essential. It’s also used in making transportation equipment and is used to make radiators, breaks, and ball bearings used in cars. The telecommunications industry also widely uses copper in making wirings and other devices.
Why recycling scrap metal?
Copper is one of the best conductors of electricity, after silver. It’s also highly malleable and ductile and has high thermal conductivity. These factors make copper one of the most in-demand metals around, and why recycling scrap copper is so important. Recycling is essential for the environment, as it can help reduce solid waste in landfills around the globe and aid natural resource conservation. Recycled copper also requires less energy for processing and can be used much more efficiently.
Copper recycling doesn’t only benefit the environment, though. One of the most in-demand metals globally, you can earn quite a pretty penny by recycling copper. Half of the US output of copper comes from recycled scrap metal. You can find copper in virtually every appliance, wiring, and vehicle that you own. Recycling scrap metal is an excellent way of keeping copper costs stable and low.
Copper is used in every industry you can think of. With copper being a non-renewable resource and an expensive mineral, everyone’s best interest is to recycle scrap metal. It’s a cheap and sustainable way of getting the most out of this mineral. Additionally, it also helps keep energy usage during refining, processing, and extraction low.