The new fact sheet on copper released today by the USGS shows a startling trend over the past decade. China, which at the turn of the century was consuming less copper than the U.S., is now using at least 2 and half times as much as we do. This is an indication of the rapid economic develop in that country and the pivotal role it now plays in affecting the global price of copper.
Arizona produces 60-65% of the copper used in the U.S. but prices are increasingly responsive to demand from China and India.
Commodity analysts are trying to discern when China is buying copper to stock its reserves at a low price, or because economic growth is creating more consumption.