Copper Gets A Bump From Changing Automotive Industry
One of Arizona's 5 C's is getting a boost from the automotive industry as electric carmakers demand more of the metal.
The automotive industry is among the world’s biggest copper consumers. It's used in a variety of auto parts including radiators, motors, brakes, and bearings.
According to the International Copper Association, a traditional internal combustion engine uses about half the amount of copper to run an as an electric copper content is even higher in plug-in hybrid electric vehicles and battery electric vehicles, at three and four times traditional autos.
Big copper mining companies, like Phoenix-based Freeport McMoRan and Southern Copper, are benefiting from the increased demand and so are worldwide prices of the metal. In early September, the copper ore hit a three-year high. The growing use of renewable energy worldwide, especially across Europe and China, are also expected to drive demand.