Copper is currently one of the most valuable scrap metals that can be sold. In the last 12 months alone, the price of copper scrap has risen about 28%, according to a report by Bloomberg Money. Copper has become so valuable that thieves have even begun risking their lives to get their hands on the metal.
Auto salvage yards in Delaware County that are sitting on copper are sitting on a pile of money– but what makes copper so valuable? Three of the biggest reasons for the rising price of copper scrap include:
- Its versatility. Copper is a superstar when it comes to nearly every household product, every industry, and every use. Copper is found in everything from air conditioners to hair dryers, and it’s an excellent conductor of heat and electricity. With a countless number of industries and products using copper, little confusion about why the metal is so in-demand remains.
- Rapid international expansion. Many nations are working to expand their manufacturing industries. For example, just this year, China issued tons of loans to manufacturers to build new plants and develop their processes. Naturally, these companies require massive amounts of copper to expand their operations. Developing nations like India also need large amounts of copper to develop their infrastructure and compete on a global scale.
- Difficulty of mining. Mining copper ore is a pain. It requires large amounts of energy, money, and time to turn raw copper ore into usable copper that can be incorporated into products and commercial uses. Companies and governments have high incentives to recycle scrap copper because it’s cheaper and quicker to use, which drives up the price of the material.
If you have a large supply of copper scrap sitting on your property or your auto yard, you could be sitting on a pile of cash! Call Sgt. Scrap for scrap metal and auto salvage pick up in Philadelphia at 800-833-6983 to turn your junk metal into money!