Most publicity about the copper industry nowa- days is focused on the adequacy of ore reserves and on excessive mining capacity. These concerns, stemming from public awareness of actual and poten- tial shortages and oversupplies, relate to production rather than consumption. Perhaps the reason for this one-sided view is that copper is thought of as a commodity which is conspicuously traded in world markets, rather than as one of many industrial materials that serve today's rapidly changing tech- nology. Copper differs from other widely traded com- modities in that its real cost of production has pro- gressively increased since World War II. The reasons for the increase are identifiable by analyzing operations in one of the world's large producing centres, the copper province of Arizona. Another respect in which copper differs from some other com- modities is that increases in demand occur less auto- matically in the case of copper than they tend to in commodities whose consumption is more directly related to population growth. The copper industry's current inability to generate and attract needed investment capital is attributable to these differences between copper and other com- modities; it suggests that the concept of copper purely as a commodity is outdated. The key to the problem is better integration between the activities of copper producers and users. Depending on cir- cumstances, integration takes various forms- for example, investment tied to long-term sales con- tracts between producers in developing countries and consumers overseas; common ownership of pro- ducing and manufacturing facilities in industrialized