Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 1 decade ago

why is the price of copper so high?

Why has the price of copper tripled in the last year?And with pennys containing copper doe this make them worth more?

12 Answers

Relevance
  • Anonymous
    1 decade ago
    Best Answer

    China is buying all they can get.

  • 1 decade ago

    I penny as a metal is worth more then a penny. To tell you the truth we may be running out of copper that we can mine. All precious metals are going up in price. Big mining company's have been looking at independent space exploration for the future. Also deep sea mining is being developed more.

  • 1 decade ago

    pennies only contain a coating of copper. The actual thing is made of zinc.

    They have been doing this since 1983

  • 1 decade ago

    Because China bought like a few million metric tons to try and buy themselves out of an economic recession. They planned on sitting on there copper and releasing a little at a time when the prices went thought the roof, and they succeeded.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    The price of goods relies on a very old law called supply and demand. China, and now India are improving their standards of living. They have a very high demand for cement, glass, steel, copper and all the things that make up an industrailized nation. The demand goes up, the price goes up, then new plants are built, there begins to be a surplus and the price falls. That has been the way it is since the beginning of time. Salt was very expensive 2000 plus years ago.

  • 1 decade ago

    Because we are running low on copper resources. And no, it would not make the value of a penny more. Tin pennys are worth $18 though if you can find one of those.

  • Anonymous
    1 decade ago

    There is more demand for the metal from more industries(so they are willing to pay more for it). Nickels are made of copper too and dimes and quarters. But no, the penny is still the amount stamped on it.

  • Anonymous
    1 decade ago

    The cost to make penny's has gone up. May be because of inflation. Considering the penny is only worth one cent, you don't need that much change in inflation.

    Scrap copper is very valuable.

  • Jens
    Lv 4
    1 decade ago

    yes supposedly the government is going to stop making pennies because the copper that pennies are made is worth more than what the penny is worth aka $0.01<copper

  • 4 years ago

    I'd check first with PG&E or similar utility to see if they want to buy it back. Find out where it may have been lifted from, and ask if they'd like to provide a competing bid against that of a scrap metal business. P.S. The law watches the scrap yards.

  • ?
    Lv 4
    1 decade ago

    for scrap metal prices of copper or other metals as well as market information go to Demolition, Scrap Metal and Salvage News website http://www.demolitionscrapmetalnews.com

Still have questions? Get your answers by asking now.