The Ever Rising Price of Scrap Copper
Copper has become one of the most valuable metals in the automotive industry.Copper is essential in the automotive industry, it helps in the manufacture of vehicles, without it we would probably still use carriages which will not be time effective.As it is with most precious metal a lot of labor is required to mine and extract copper, and therefore a lot of money needs to be put in it.It’s because of this reason that industries recycle copper for re use.Copper fresh from the mine is expensive, and it rises substantially, this affects the recycled copper as well which rises as fresh copper rises.
There is a lot of wealth that comes from buying and selling these scrap metal but people have not seen it yet.It is not hard to find metals items which could be used a scrap discarded everywhere in public areas.This metal items more often than not have value but the lay-in mountainous amounts gathering rust instead.If you collect 50pounds of recycled copper you will get USD 100, that is if the scrap metal is 2 USD per pound.You might argue that the amount is peanuts 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, due to its weight metals can very easily reach 50 pound.
The value of copper is in high demand, so much so that you will find government agencies, construction companies and automotive companies haggling for recycled copper.This metal has other uses other than in the automotive industry, you will find that copper is also used in the construction industry.Fresh copper from Latin America goes for over $8,000 per ton.This inevitably leads companies to find another way such as recycling copper to save money.Scrap copper price is often half the price of freshly mined copper.This creates an opportunity to cash in on this metal.
In Europe and the United States copper scrap is dominated by the automotive industry.The average price of copper per pound according to the U.S.automotive Recycling Index is $2 per pound.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.In 2005 the automotive industry reprocessed 803 million pounds of used copper into new materials to produce about 12million new vehicles.
The London Metal Exchange regulates and tracks the price of scrap copper.One can find the prices of scrap copper on online local or international websites which update the copper scrap prices regularly.You can also find the scrap copper prices reports from the European Union, the United States, Korea, China, and even Brazil websites.Most sites in the U.S. usually provide free reports and subscription on scrap metal prices.