More attractive target
Metal theft is nothing new but it’s “on the rise, largely linked to soaring commodity prices”, said Wired.
This is especially true for copper, “a crucial component in everything from solar panels to electric vehicles and computer chips to plumbing parts”, said The Logic.
Having crashed nearly a decade ago due to factors including a Chinese ban on scrap imports, its price has steadily risen since the pandemic and is now roughly 30% more expensive than it was five years ago. This makes copper a “more attractive target for criminals looking for a quick profit”, said Goldsworthy.
A 2022 systematic review revealed a direct correlation between rising copper prices and an increase in copper theft. And, unlike many other scrap metals, copper “can be recycled again and again, without degrading in the process”.