Essay example --

Report on copper ‘Copper is a commodity that measures the pulse of the global economy’ (Tutor2u, 2012). The features of this metal is the reason why it is demanded so highly around the world, which is the reason why â€Å"copper is the third most widely used metal in the world† (investopedia, 2013). What makes Copper so different from other metals? Firstly, pure copper is ductile which means it can easily be stretched and shaped into different forms. Secondly, the scientific elements of copper make it highly conductive in heat and electricity than any other metal, except silver which is 100 times more expensive. Thirdly, it is 100% recyclable. Did you know 80% of copper ever mined is still in use today? Fourthly, it is highly alloyable. Lastly, it is one of three metals that has its own unique colour other than silver or grey. In the current market copper is used in a variety of ways due to its specification. 5% of copper production is used in combining with other metals to form a lloys such as brass and bronze. 15% is used in industrial machinery, because coppers superior conductivity improves the electrical energy efficiency of motor-driven systems. 20% is used in roofing and plumbing because the lifespan of copper is estimated to be 100 years before major defects in the material start to occur. Lastly, the remaining 60% of copper is used in electrical wires and the reason why such a huge proportion is used in electrical wires is because there are no close substitutes for copper. Aluminium wiring is comparably priced, but is unsafe and can start fires and silver is a slightly better conductor of electricity; however it is too expensive (visual capitalist, 2013). In this report I will cover the supply and demand of copper and how it a... ...e amounts of copper (oracle mining, 2013). Copper is an example of a good that has low price elasticity of demand, which means that a change in price would lead smaller change in demand. The reason for this is because there is a lack of close substitutes in the market. For some products that use copper components can be substituted for aluminium or plastic; however, the costs and delays involved in switching between substitute goods aren’t worth it sometimes (copper investing news). Copper is used in a variety of different ways in some uses it would be a necessity an in others it would be a luxury. For example in some plumbing cases you would be able to use flexible plastic pipes, which is cheaper to use, however if you choose not to then copper would be deemed an luxury product. On the other hand, in some plumbing cases you have no choice but to use copper pipes. Essay example -- Report on copper ‘Copper is a commodity that measures the pulse of the global economy’ (Tutor2u, 2012). The features of this metal is the reason why it is demanded so highly around the world, which is the reason why â€Å"copper is the third most widely used metal in the world† (investopedia, 2013). What makes Copper so different from other metals? Firstly, pure copper is ductile which means it can easily be stretched and shaped into different forms. Secondly, the scientific elements of copper make it highly conductive in heat and electricity than any other metal, except silver which is 100 times more expensive. Thirdly, it is 100% recyclable. Did you know 80% of copper ever mined is still in use today? Fourthly, it is highly alloyable. Lastly, it is one of three metals that has its own unique colour other than silver or grey. In the current market copper is used in a variety of ways due to its specification. 5% of copper production is used in combining with other metals to form a lloys such as brass and bronze. 15% is used in industrial machinery, because coppers superior conductivity improves the electrical energy efficiency of motor-driven systems. 20% is used in roofing and plumbing because the lifespan of copper is estimated to be 100 years before major defects in the material start to occur. Lastly, the remaining 60% of copper is used in electrical wires and the reason why such a huge proportion is used in electrical wires is because there are no close substitutes for copper. Aluminium wiring is comparably priced, but is unsafe and can start fires and silver is a slightly better conductor of electricity; however it is too expensive (visual capitalist, 2013). In this report I will cover the supply and demand of copper and how it a... ...e amounts of copper (oracle mining, 2013). Copper is an example of a good that has low price elasticity of demand, which means that a change in price would lead smaller change in demand. The reason for this is because there is a lack of close substitutes in the market. For some products that use copper components can be substituted for aluminium or plastic; however, the costs and delays involved in switching between substitute goods aren’t worth it sometimes (copper investing news). Copper is used in a variety of different ways in some uses it would be a necessity an in others it would be a luxury. For example in some plumbing cases you would be able to use flexible plastic pipes, which is cheaper to use, however if you choose not to then copper would be deemed an luxury product. On the other hand, in some plumbing cases you have no choice but to use copper pipes.