section_path: Production/Reserves and prices
section_name: Reserves and prices
paragraph_text: Reserves and prices
  
  Copper has been in use for at least 10,000 years, but more than 95% of all copper ever mined and smelted has been extracted since 1900. As with many natural resources, the total amount of copper on Earth is vast, with around 10 tons in the top kilometer of Earth's crust, which is about 5 million years' worth at the current rate of extraction. However, only a tiny fraction of these reserves is economically viable with present-day prices and technologies. Estimates of copper reserves available for mining vary from 25 to 60 years, depending on core assumptions such as the growth rate. Recycling is a major source of copper in the modern world.
  
  The price of copper is volatile. After a peak in 2022 the price unexpectedly fell.
  
  The global market for copper is one of the most commodified and financialized of the commodity markets, and has been so for decades.