BEWARE: Here’s why COPPER theft could be on the rise

The price of copper reached a five-month high above $10 000 a tonne on Thursday as US companies stock up on the metal targeted by US President Donald Trump’s tariffs.

Copper – a vital component for energy storage, electric vehicles, solar panels and wind turbines – reached $10 046.50 (R183 000), the highest level since October.

The metal hit a record-high of $11 104.50 (R202 000) last year amid strong demand and tight supplies.

Levies on copper imports

“Copper neared a record on tariff worries” said Neil Wilson, an analyst at the investment website TipRanks.com.

Trump last month ordered an investigation into possible levies on US copper imports, with officials citing a need to rebuild domestic production and safeguard national security.

The imposition of tariffs or other barriers on copper could fuel trade tensions with Chile, the biggest US supplier, accounting for about 35 percent of imports, as well as Canada.

Domestic consumption needs

The world’s biggest economy has been increasingly dependent on copper imports to meet domestic consumption needs.

The metal is used in military hardware like aircraft but there is also growing demand linked to the boom in artificial intelligence and data centres.

While the United States sits on ample copper reserves, it lacks smelting and refining capacity, the White House has said.

Tariffs on copper imports risk “straining the already limited capacity of domestic smelters”, said Alan Bush, an economist at ADM Investor Services.

“The US currently imports nearly half of its copper supply, relying on only two major smelters for domestic production,” he said.

“While reports suggest these tariffs may be implemented later this year, the recent increase in (other) base metal tariffs on Canada has increased concerns that copper tariffs could be enacted sooner than expected,” he added.

With copper in demand and nearing an all-time high, watch out for those copper thieves!

Does gold and diamonds still trump copper?

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