The copper price rose to more than $10,000 per tonne on Friday for the first time in two years. The price is mainly driven by the expectation that demand for the metal will grow strongly due to the energy transition, while supply is limited. Copper is widely used in infrastructure for electric vehicles, including charging points, and also for wind turbines and solar panels.
On the London metals market, copper reached a level of around $10,030 per tonne, after which the price fell back somewhat. In March 2022, the price rose to a record level of approximately $ 10,900 due to fear over the Russian invasion of Ukraine.
Barometer for economics
Copper is used in many different sectors, such as construction, the automotive industry and the telecom sector. That is why copper is also seen as a kind of barometer for the economy.
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The rising price also makes copper more attractive to thieves, who, for example, target the railways, construction sites and solar parks and high-voltage pylons.
Also read | ‘Look to copper for a glimpse into the economic future’
Old Pekela
Earlier this year, copper theft in a transformer house caused a voltage peak in the Groningen village of Oude Pekela. The power surge caused household appliances to burn out in approximately 250 homes. The damage amounted to more than 160,000 euros.
