31st Jan’22, Sydney, Australia: Gold, silver, and platinum are generally the first precious metals that come to mind when you discuss about precious metals and their values. But what if copper scrap metal is on its way to becoming the next big thing? According to Goldman Sachs' "Copper is the New Oil" report, copper will reach $51,000 per metric tonne by 2025. So, why is it projected that the price of copper scrap will rise so dramatically and so quickly? Here is a sneak peek into why copper's demand and price are rising, as well as what you can do to profit from it. Let’s begin with insights into copper in today’s world.

Switching To Renewable Energy Increases The Demand For Copper

As more countries recognise the seriousness of current climate change, such as rising global temperatures and natural disasters, there has been a boom regarding the positive consequence of renewable energy. New resources are getting increasing attention as we learn new techniques to convert to renewable energy. Copper happens to be one of those resources! Copper's importance in renewable energy has risen dramatically, as copper is required to manufacture many essential electrical appliances and other important devices. With so many businesses switching to renewable energy, it is expected that by 2030, copper demand would have increased by up to 900 percent on an annual basis.

Copper Deficits

When the demand for a natural element rises, there must be enough supply to keep up. But the problem the world is facing, is an increasing gap between supply and demand, as the demand is unable to be met. Why is hard to meet the demand:

• To get more copper, you must mine, or unearth, the copper orebodies.
• As we extract more copper, all the orebodies that are easily accessible get depleted.
• Only the most challenging areas are left to be mined for more.
• These places include the Arctic and the deep oceans.
• Not only is it becoming harder to detect newly discovered copper, but it is also becoming more difficult to mine it sustainably. This is because these orebodies are of lower quality and produce poisons such as arsenic, a chemical element that can cause cancer and harm the environment.
• Copper mine operations suffer many pushbacks.

Opposition To Projects

The public's opposition to copper mining initiatives is growing. Projects are being postponed or cancelled because of political resistance from local and international governments. Copper prices are projected to climb shortly due to miners' inability to keep up with demand.

Rise In Price Of Copper Scrap

Prices will rise when there is a strong demand and a low supply (in this case, a difficult to access and environmentally challenging source). A huge supply shortfall of about 8 million tonnes for copper is forecasted currently from now until 2030. Hence, copper prices have surged to about 80% in 2021, and the trend does not appear to be tapering down soon.

Copper The Future’s Scrap Metal

When resources are few, recycling metal is more vital than ever. You can sell your copper scrap metal or buy recycled copper to save cash. This not only benefits the environment but also benefits the economy.

Environmental Benefits: Copper metal scrap recycling keeps metal out of landfills and keeps our planet's natural places unmined. The majority of the remaining copper-mining locations would have serious environmental consequences. The procedure also eliminates hazardous exposure to essential elements like clean air and drinking water.

Economic Benefits: Supply and demand will get more balanced as recycling efforts expand. After that, we can expect a slowdown in the rise of copper prices. Scrap metal recycling can save cash by allowing tax deductions and lowering disposal costs. It has promise and can be advantageous to global and national economies.

Recycle Copper With Metal Force Recycling

Metal Force Recycling is a reliable and reputed metal recycling company that gives you the best possible prices for your scrap metals. They provide top-quality customer services with the help of up-to-date industrial technology that ensures accuracy.

About The Company

Metal Force Recycling is a scrap metal recycling company based in Sydney. They deal with all types of ferrous and non-ferrous metals. They offer a wide range of services including cash for scrap metal, scrap metal pickups, service bin deliveries, cash for unwanted cars, and car removal services. Over the years, they have mastered the trade and created protocols that need to be followed during metal recycling efforts. Their vision is to reduce waste that ends in landfills by 65% every year in Sydney.