The Bahamas government recently banned the export of scrap metals for a period of three months. This was done as a measure to combat the rising Copper thefts. Jamaica had earlier approved a similar ban.
This comes in the wake of copper prices shooting up at the international markets. Copper prices have jumped from around USD 3500 as of early 2009 to hover around USD 10,000 as of now as per data from London Metal Exchange. This has made the metal a favorite target for thieves. As unlike Gold or silver, copper is widely used and can be easily stolen.
The government of Bahamas said in a statement that the theft is so widespread that it has disrupted the smooth functioning of various industries. The ban has caused significant hardships for those who depend on the scrap metal business for their daily lives.
Mr Everette Rolle MD of CRT Enterprises Limited said that "People have school fees to pay and have to take care of their homes and their children. We should be able to ship what we have now to earn some sort of money. I may be able to survive for three months but the average person can't. I think the government should let us export other metals and if they are worried about copper and aluminum then place a ban on them until the proper regulations are in place."
Mr Howard Mollison LIME VP of Service Delivery said that “We are now at the point where strong action has to be taken to prevent the continued destruction of our company’s property. We have asked the Ministry of Industry, Investment and Commerce to give serious consideration to a complete ban on the export of copper because as it is now the scrap metal trade is having a potentially ruinous impact on LIME’s operations."
Mr Nikki Haley US Governor has even signed a new state law referred as the copper theft bill. The law requires any person transporting and selling any nonferrous metal including copper and catalytic converters to first obtain a permit from the sheriff's office in the county where the seller resides. The law comes into effect on August 17th 2011.
Meanwhile, Mr Diego Hernandez the President of the Codelco copper mine said that he expected the 2011 Chile copper production to be at least 5% below analyst expectations and the global markets to remain tight with prices unlikely to go below USD 3 per pound.
(Sourced from www.commodityonline.com)
