November 9, 2007
Dr. Copper and the Band of Burglarizing Vandals
Everybody and his grandma has been yacking about the “triple top” below 380 in Copper, and yeah, I see it, I see it. My advanced technical skills tell me that this market is now going “sideways” and I predict that prices will either go UP or DOWN from here. Take two ingots and call me in the morning.
Semi-random aside: During our recent trip to America I read in my hometown newspaper that the mayor had called a special meeting to deal with a rash of burglaries — the copper pipe in dozens of summer homes had been ripped out (and off). I thought to myself: this didn’t happen when the good doctor occasionally spiked to a buck forty in the past; at what price per pound does copper begin to justify breaking into houses? Paging Levitt!
Related: Another Great Disconnect: Southern Copper Still Going North, February 6, 2007
November 9th, 2007 at 12:24 pm
It depends on local conditions. Where I grew up they’d steal copper 40 years ago - along with light fixtures, the carpet, and everything in between.
I guess now they’re also stealing it in Newport and Darien?
November 9th, 2007 at 2:19 pm
Similar burglaries happened in some parts of Hong Kong last year. Some of the older apartment blocks had their copper pipes and wires exposed in the back alleys. I think the burglaries started when copper went above 200.
November 9th, 2007 at 3:11 pm
yeah its been happening for a while, I’ve been reading about steel manhole covers and the like going missing for scrap in the UK. The company I work at forecasts 3-month avg copper prices at above $3/lb.
November 9th, 2007 at 3:54 pm
@Brian & Nick: Yes, I’m aware that it has been going on with other metals (see my November 28, 2005 post on aluminum, Junky Pole-Snatchers are Models of Precision and Efficiency … but burglaries in my small town made it hit close to home.
November 9th, 2007 at 4:05 pm
Funny how the free market works. Aluminum kegs were also hot commodities on college campuses early on. People basically got paid to drink beer.
November 9th, 2007 at 5:06 pm
Brian: I’m sure the deposits required for kegs instantly rose to a level that guaranteed their return (but it’s been a long time since I’ve been to a kegger).
November 9th, 2007 at 10:35 pm
Part of owning a kegerator is always knowing when keg deposits go up. They went up $10 last month…
November 9th, 2007 at 10:41 pm
Dan: What are you, a permanent grad student?
November 10th, 2007 at 6:01 am
I’m young, single, and employed. Nothing better to spend my money on. It will be good to know I will fit in at grad school if I ever make it there.
November 10th, 2007 at 11:20 pm
Dan: Never go. Do something useful with your time and money instead.
November 11th, 2007 at 1:38 am
They are also tearing out aluminum guardrails and highway light poles.
November 16th, 2007 at 10:28 am
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