While day-to-day and week-to-week fluctuations are happening as expected, the overall price for copper in 2023 has been nearing all-time highs. So, what does this mean for you? It means that now is as good a time as ever to sell your scrap copper to your local scrap metal recycling facility! The current price of copper as of July 11, 2023 is $3.77 per pound. 1 year ago today, July 11, 2022, the price of copper was $3.23. While this may not seem like a large difference, the price of copper has gone up nearly 17% from a year ago today, an increase that could have major implications when selling large quantities of copper!
Why Have Copper Prices Risen?
One of the many reasons for the surge in price is the significant rise in global demand for copper. One of the reasons demand for copper has increased is because there has been an increase in construction projects worldwide. Additionally, the world is transitioning from using crude oil for vehicles to driving electric cars. These, among other factors, imply that more copper is needed. Another potential reason for the rise in copper prices is the ongoing clash between Russia and Ukraine, which indirectly affects copper prices. This conflict has caused the prices of many goods to rise because it affects the crude oil supply. When oil prices change, the price of all kinds of goods, including metals, are affected. One more reason that copper prices may be rising is that China is just getting over the pandemic effect, and more manufacturing companies are demanding scrap metal for production.
When Will Copper Prices Go Back Down?
Copper prices are likely to fluctuate massively in the coming weeks, months and even years. Copper prices are often considered a barometer for the health of the global economy. As the global economy takes a downturn, so will the demand for copper, reducing its trading price. While it’s hard to predict exactly when the price of copper will find its level, it’s likely to drop eventually. What we do know is that if you possess scrap copper, now is a great time to sell it to your local scrap metal recycling facility because it is worth as much as ever!
Sell Your Scrap Copper To Middleboro Recycling!
If you have any questions about copper prices or are interested in selling scrap metal in Southeastern Massachusetts, please don’t hesitate to contact Middleboro Recycling Center! Give us a call at (508) 946-2383 or fill out the contact form on our website! If you’re wondering what your scrap metal is currently worth, check out the pricing page on our website!