Scrap Copper Price Value
Copper has become a very important metal, especially in the automotive industry.Trains and cars would not exist if there was no copper.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.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.As prices for copper fresh from the mine rise so does scrap copper.
Scrap metal does not appeal to most people because they do not see the benefits and wealth that comes from it.Just walk around in public areas, and you will see metal items discarded all over the place.Items such as copper wire, which you will find discarded, actually, have value.If you have accumulated, let’s say 50 pounds of recycled copper and the scrap metal is 2 USD per pound, you will have USD 100 instantly.Many people might find that amount of money to be meager for 50-pound metal.They don’t realize 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.Copper, aside from making cars has also been used in construction or in urbanizing rural areas.Copper from Latin America will go for over $8,000 per ton.This leads company to recycle their copper to save money.Scrap copper price is often half the price of freshly mined copper.This creates a good opportunity to cash in on the 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.In fact, in the year 2005 the automotive industry made a remarkable impact on the recycling of scrap copper, by reprocessing 803million pounds of used copper to new materials to produce about 12million new vehicles.
The price of scrap copper is controlled and monitored by the London Metal Exchange.There are online local or international websites which are 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.