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Last week, when I went to a big departmental store I saw that it was offering to take copper scrap at over Rs 600. It is more than what it offers for any other scrap. Such an offer is a record one in the domestic market.
Second, in June this year, five men dug up the Dadar-Matunga road in Mumbai and stole copper wire from MTNL cables. The wires were worth Rs 6-7 lakh. Such incidents have been reported in other countries too, particularly the US.
The common link in both these is the prices of copper. In May this year, they surged in the global market to a record high of $11,015 a tonne. Prices have dropped to a 4-month low currently.
Watch the full video to know more about copper in the commodity market.
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