Between electric vehicle (EV) production, a larger global focus on green energy, and the construction industry booming, copper has been in higher demand than ever before. The price of copper in 2021 reflected the growing demand as the price hit an all time high in May 2021 and has remained higher than it was for the past decade.
When it comes to roofing, copper has been the premium choice for a long lasting beautiful roof, but it is also widely known as the most expensive type of metal roof system. With ongoing global supply and demand issues, the price of copper has escalated over the last year. The higher price of copper is now coupled with growing concerns over future availability.
We want to keep our customers updated on what is going on in the metal industry so you can stay informed and plan your future projects accordingly.
Why Are Copper Prices Rising?
- Strong demand
- Slower copper production in 2021
There Is A Strong Demand For Copper
Copper’s benefits go far beyond the metal roofing industry. Copper is heavily used in the development of electric vehicles, as well as in renewable power generation. In fact, copper is currently the most widely used metal in renewable energy technologies. As technology evolves, with environmental sustainability becoming a higher priority, copper’s demand is expected to continue to grow. The popularity of copper will keep prices on the higher end. As with any good or service, when demand increases, prices also increase.
Copper Production Was Slower In 2021
Copper production was slower than usual throughout 2021. The slow production stemmed from shutdowns and staffing reductions due to COVID-19. Weather issues and decreased ore quality have also been cited as causes for the slowdown in production.
Since production has a direct impact on supply, the result of a slower production schedule is a shortage of copper that is still impacting the industry.
What Will Happen To Copper Prices In 2022?
2021 saw copper prices at record breaking numbers which leads many to wonder if the price of copper will come down or continue to go up in 2022. The future for copper pricing is uncertain as there is evidence for both outcomes that has market analyst predictions divided.
On one hand, demand for copper continues to be as high as it is projected to be, that would keep the price high. In addition to demand, Chile, the world’s leading producer of copper, is proposing an additional tax burden on copper which would also increase the price.
On the other hand, there are several analysts that are predicting a drop in price as the supply of global copper will increase during 2022.
How Does The Price Of Copper Impact The Metal Roofing Industry?
If copper prices remain high and supply stays low, metal roofing professionals and homeowners looking to install a copper roof should be prepared for escalated pricing and very long lead times. At the time of this article being written, there is a 6-12 month lead time from the copper processors for copper coil.
Longer Lead Times For Copper Coils And Copper Flats In 2022
Keep in mind there are only three copper processors in the United States that can do 36” wide copper coils in a roofing spec and of those, only one of those can do 48”. While one processor is still taking orders from long term customers, another is not taking any new orders at this time. The third processor had to temporarily stop production due to a fire but it expected to resume later in the month of February.
Choose A Copper Alternative For Your Roofing
Standing Seam Green Copper Painted Panels
If you are looking for a copper roof appearance, but want to avoid the current higher prices and longer lead times with copper, consider an alternative.
Copper colored metal panels are panels made from steel that are painted to look like copper. You can view the available copper colored metal panels and try out any of the colors virtually on your own roof with our free color visualizer tool.
Request a free color chart or sample of your favorite color to see it up close and in person.
