The Ever Rising Price of Scrap Copper
The metal, copper has become a valuable metal especially in the automotive industry.Trains and cars would not exist if there was no copper..Mining of copper is expensive and requires a lot of labour and processes.This is a valid enough reason for the industries to recycle copper, since they want value for money and profit, and also they want labor to manufacture not costly labor for mining.Thus, you find that as the price of copper fresh from the mine rises so does scrap copper rice as well.
There is a lot of wealth that comes from buying and selling these scrap metal but people have not seen it yet.Just walk around in public areas, and you will see metal items discarded all over the place.This metal items more often than not have value but the lay-in mountainous amounts gathering rust instead.Collecting copper with a weight of 50 pounds will get you USD 100 when the price is 2USD per pound. Many people might find that amount of money to be meager for 50-pound metal.They forget that metals are naturally heavy.This is because they forget most of the times that metals are naturally heavy.Therefore, it does not take people long to accumulate a 50-pound metal.
The high demand for copper has caused government agencies, construction companies, and automotive companies to haggle for recycled copper. Copper has many uses among them is in construction and also in urbanizing rural areas.Latin America mines fresh copper which can go for over $8,000 per ton.This inevitably leads companies to find another way such as recycling copper to save money.This is because the price of scrap copper is usually half of the freshly mined copper.This creates an opportunity to cash in on this metal.
The copper scrap is dominated by automotive industries in Europe and the United States.Based on the U.S. automotive Recycling Index, copper price is $2 per pound on average.Therefore, in the U.S. of the 6.5 million automobiles that are discarded 95% are recycled.The U.S. automotive industry reprocesses and reuses the scrap copper to manufacture new automobiles.To prove the efficiency and cost effectiveness of recycling scrap metal, in 2005 the U.S. automotive industries reprocessed 803 million pounds of used copper to new materials to produce about12million new vehicles.
The price of scrap copper is controlled and monitored by the London Metal Exchange.You can find price of copper scrap on online local or international websites dedicated to updating scrap copper prices daily.You can also find the scrap copper prices reports from the European Union, the United States, Korea, China, and even Brazil websites.In the U.S. most sites provide free reports and subscription on scrap copper prices.