It is precursor to many copper compounds including copper oxychloride and many organocuprate compounds of synthetic interest. It is used as a catalyst as well as a reagent in many organic reactions including Gatterman-Koch, Sandmeyer, Grignard and Gilman reactions. It catalyzes 1,4-addition of Grignard reagents to alpha,beta-unsaturated ketones. It is also used as a doping salt to enhance the cationization of polystyrene in matrix-assisted laser desorption/ionization mass spectrometry. It is also an intermediate formed in the Wacker process.

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