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Why Is Copper So High Priced?


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#1 cowsgonemadd3

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Posted 04 September 2006 - 10:40 PM

We bought a 100 ft of 10/2 wire(I think) last year and it was 20 bucks. We went in to get some the other day and it was 120 bucks!!

Why has it gone up so much?

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#2 Animal

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Posted 04 September 2006 - 10:55 PM

Why has it gone up so much?



Something quite capitalistic in our economy, called supply and demand. Not to mention the price of crude oil. Have you seen the price of oil during the same period of time? Oil is used heavily in the processing of copper to make wire/cable. Not to mention the coating that goes on wire as well is oil based. Directly proportionate as well as the truck/rail distribution system for the product. Most oil heavy dependent products/services have increased in prices as well. You just happen to notice this more because it's something you are very familiar with.

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#3 Heretic Monkey

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Posted 04 September 2006 - 11:15 PM

.....does this mean pennies will be worth more....? :thumbsup:


......sorry, corny joke......

#4 jgweed

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Posted 05 September 2006 - 07:05 AM

World demand exceeds the current dwindling supply of copper.
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#5 cowsgonemadd3

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Posted 05 September 2006 - 09:22 AM

What are we going to do when its gone?
Some use aluminum but its not as effiecient.

#6 BanditFlyer

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Posted 05 September 2006 - 01:18 PM

Very interesting topic! I thought it had something to do with China's increasing demand for copper. I will definitely be keeping an eye on this one.

As an aside, there is a movement to eliminate the penny from circulation. Among of the backers of that movement were politicians from states which had a large copper-pruducing economy. Since the penny is only 1% copper and the nickel is something like 27% copper, suspicions arose that one of the reasons for the movement was to benefit the constituents of said politicians, since nickels would replace pennies, thereby increasing the demand for copper.

I'll be very interested to see where this discussion goes. :thumbsup:

#7 Mr Alpha

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Posted 05 September 2006 - 02:54 PM

I believe cell phones are almost 30% copper. With new markets like Chine swallowing them by the bucketload, and no new copper excavations I guess it's getting scarse.
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#8 cowsgonemadd3

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Posted 05 September 2006 - 04:27 PM

Well I guess its time to go find some more.

If there is any more?

#9 Mr Alpha

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Posted 05 September 2006 - 05:10 PM

I have a vague memory from a school trip about you finding copper around volcanos, and there being lots of it in the Ring of Fire. But of course that info isn't really up to date anymore.
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#10 boopme

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Posted 05 September 2006 - 07:06 PM

China being a huge consumer of copper and oil has driven the price of both to their all time highs. This combined with a strike at Codelco mining in Chile, They are the largest producers of copper in he world. The demand is still their with less production equals soaring prices.

.....does this mean pennies will be worth more....?


Yes
Actually at today's price of $3.62 per pound a penny's metal content value is 2 cents. :thumbsup: So with all other costs of producing them, they're not profitable to manufacture.
A penny weighs 1/10 th of an ounce.
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#11 yoopergirl

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Posted 12 September 2006 - 12:25 AM

I'm from the "copper country", otherwise know as the Upper Peninsula of Michigan. This topic hits way too close to home. China is buying up all of our copper and though it is not being currently mined, it may start again if demand keeps rising 'cause then it'll be worth it to mine again. We will not run out of copper any time soon and it can be found basically underground in any place your able to find Basalt. A friend of mine and his son go out regularly to find "float copper" and the biggest find so far this year was a piece that weighed about 400 lbs. (sold for about $1600) I'm new to metal detection myself but I have found pieces weighing anywhere from 5 to 20 lbs. I don't have the "big" equipment, but it's a fun hobby. Also, my goal is to find float silver so that I can have jewelry made that I found myself. Copper and silver generally cannot be found together but occasionally it happens. Silver and copper can rarely combine as well, when that occurs it's called a "half-breed" and that's worth thousands of dollars. If you wanna check out a cool site try http://www.mg.mtu.edu/shaft0.htm. Also, if your looking for an awesome hobby you may wanna try metal detecting, it's so FUN going out in search of buried treasure! Makes me feel like a kid again every time I go.

#12 cowsgonemadd3

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Posted 16 September 2006 - 09:48 AM

I didnt know that it "floated" but if you find it just sitting around man i'm moving where you are for a month to strike it rich lol...

#13 yoopergirl

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Posted 28 September 2006 - 04:03 PM

Hey cowsgone madd, copper REALLY can be found just walking in the woods or fields, you have to know what your looking for though, copper doesn't LOOK like the copper you picture when you think of it. It can look like a black rock or whatever and if you chip at it with something like a rock hammer or shovel edge you'll see NEON green, then it's unmistakable. It doesn't look like copper (copper colored) until you clean it up and soak it in muriatic acid or the like. It's called "float" cause it can seemingly float to the surface through years or weathering and erosion, rain, snow, etc. Also it did at one time float, glaciers moved it from it's source and spread it all over Northern Michigan and in Minnesota, Wisconsin and surrounding areas. Silver does the same thing, it can be found underground in veins or it can break off and "float" until it surfaces. It's hard to get rich finding copper though, float copper is generally found in small pieces, there are people around here though that find HUGE chunks of copper (500- 1000 lbs) using metal detectors and equipment, they make out pretty well. If you wanna come for a month and try striking it rich though, we'd be glad to have you. *S*

#14 ddeerrff

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Posted 28 September 2006 - 04:31 PM

..and Copper Harbor is a great place to visit.
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#15 Orange Blossom

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Posted 28 September 2006 - 06:05 PM

.....does this mean pennies will be worth more....? :thumbsup:


Pennies for the past several years are made of copper coated zinc, because even 15 years ago it took 2 cents of copper to make 1 penny. Just scatch a new penny, and you will see the silvery zinc beneath.

Orange Blossom :flowers:

p.s. Because of the zinc content of pennies, please do not throw them where animals can get them. The zinc will poison them if they eat them. Copper coated zinc pennies have already cost the lives of many birds. Learned this at the Smithsonian Zoo in Baltimore, Maryland some years ago.
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