The World Copper Market : Structure and Econometric Model

1.1 The Importance of Copper Copper, the red metal, has been known in histor for thousands of ears. It ma have been mankinds first metal (Joralemon= 1973). And still, probabl more than one hundred decades after native copper was used for the first time (Muhl (1973: 171, toda, copper is a ver important commodit: 1. Onl aluminum (first in 1963) surpasses refined copper in terms of the total 1 worlds mine production and consumption. It outpaces zinc, lead, nickel and tin - 2. Refined copper is one of the most important export products of the developing countries. In 1975, refined copper ranked 8th in the developing countries export values in general, it was 6th among their non-fuel exports, and their most important export 2 commodit among the non-ferrous metals - 3. Man small and medium sized industrialized countries depend heavil on copper imports. For example, West German s share in world mine production has alwa s been smaller than 0.1 per cent. In the last few decades, however, the Federal Republics consumption share has amounted to some 8 i. in 1982. 4. Copper is of utmost importance for the export earnings of several countries.