Copper has become a very important metal, especially in the automotive industry.Copper has helped in the manufacture of cars and trains, and without it, we would still exist in the stone age.Getting this metal is labor intensive and requires a lot of money.It’s because of this reason that industries recycle copper for re use.Thus, you find that as the price of copper fresh from the mine rises so does scrap copper rice as well.
A lot of people don’t see the wealth that comes from buying and selling this scrap metals.You only need to walk in public areas to see that there are many metal items discarded everywhere.These discarded metal items, most often have value especially copper wire.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 don’t realize that metals are naturally heavy.Thus, it won’t take as long to accumulate 50-pound metal.
The high demand for copper has caused government agencies, construction companies, and automotive companies to haggle 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 leads company to recycle their copper to save money.The scrap price is usually half the price of the 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.Based on the U.S. automotive Recycling Index, copper price is $2 per pound on average.This is the reason as to why of the 6.5 million discarded automobiles in the U.S.,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 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.