While a professional handyman drives around with specialty equipment on a truck, homeowners may handle their needs with a handful of tools, like tubing cutter, channel-type pliers, and sink auger.
A tubing cutter is an important tool, especially if you are dealing with a copper pile. Usually, copper needs square and clean cuts, and cutter tubing will just do that, with more efficiency than hacksaws.
On the other hand, channel-type pliers are mostly known by the brand name called Channel-Locks. They are the same as regular adjustable pliers, though they have extended an adjustment section and angled jaws, enabling you to grip pipes.
If you are also looking for a tool to clear clogs and break up in tub drains, you can buy a sink auger. It comprises a flexible stainless steel cable with a corkscrew tip in the end.
Buying a sink auger, channel-type pliers, and tubing cutter made of copper can be a worthwhile splurge. They are flexible and durable. Plus, you can still keep them because their aging doesn’t affect their quality and efficiency.
Demand and Supply of Copper in the Market
Copper is among the versatile metals. It normally runs through homes as part of electrical and plumbing systems. Copper metal is also an important component in cars, containing almost 43 pounds per piece, including a single mile of copper wire.
Given its importance and versatility for many sectors, the global economy uses an increasing amount of copper. However, a deficit in the copper market is projected to deepen over the next few years as the supply of metal struggles to keep up with the demand from the construction and power industries, compounded by the proliferation of electric cars.
In fact, the global demand for copper metals is expected to grow up to 4.3% per year. More profits in building a construction expenditure are as well projected to boost the application of copper tubes, wires, and other mill products in applications like plumbing and wire manufacturing.
The Price of Copper
The cost of copper is believed to offer a reliable measure of economic health because the price changes may suggest an upcoming recession or global growth. With strong liquidity and high volatility, copper is very attractive to many traders.
At times, referred to as ‘Doctor Copper’, the metal is regarded as a dependable leading indicator. A rising price in the market indicates strong economic health, whereas a decline shows the opposite.
For instance, three-month copper futures traded at around $4,730 per metric ton in the London Metal Exchange. This decreased because, at the beginning of last year, the price was approximately $6,400.
Leading Producers of Copper
Because copper is among the most commonly-used metals globally, many leading mining companies are associated with its extractions.
Chile is home to the largest copper reserves globally, approximated at around 198 million tonnes by the US Geological Survey. Among the biggest copper mines situated in Chile include El Teniente, Escondida, and Collahuasi projects.
Apart from Chile, Peru, China, and DRC also produce copper metals. It mines around 1.4 million copper million tonnes.
If you are looking to diversify your investment portfolio in the stock market, you might want to consider investing in copper mining stocks. For an average investor, the simple way to purchase copper is to buy stock in ETFs or mining companies, which have exposure to this metal.
The biggest names in the industry include Australia-based OZ Minerals Ltd (OZL), China-based Zijin Mining Group Co.Ltd (2899.HK), and Freeport-McMoRan Inc. (FCK).
However, copper stocks offered by the Global X Copper Miners ETF have already outperformed the global market by a big margin. In fact, it has offered a total return of around 133% for the past few months.
Copper Mountain Mining Corp also announced financial results for Q1 FY 2021 that ended this March. It posted a net income of CA$51 million, which is a significant turnaround from a net loss of CA$44 million.
Therefore, to continue succeeding in investing in copper metals, it is recommendable that you cut down your risk in an often-volatile resource industry by investing in well-established and profitable companies with high-quality mining reserves.
As a homeowner, it is important to carry out regular maintenance so as to keep up with the integrity of the components and structure of your house. While it is important to hire a handyman, you need to try something outside your skill level.
But first, you will need to choose the right tools. Whether you are preparing for a plumbing or electrical repair project, it is best to invest in copper repair tools because they are versatile, efficient, and durable.