Copper industry back to pre-pandemic sales
This year, prices of raw materials of copper products have increased by 70%-80% internationally.
Sales of copper products have surged back to pre-pandemic rate, thanks to a marked increase in demand both in the local and international markets following the reopening of economies around the world.
The copper industry in the country registered around a 40% jump in sales in the first quarter of the current fiscal year 2021-22, said market insiders, adding the Covid induced economic downturn had dented the demand for copper products but the industry rebounded quickly along with the electronics market.
They said the production of air conditioners and refrigerators has increased as the pandemic situation has become normal. Now, customers are buying more ACs and refrigerators besides electronics products, they added.
This year, prices of raw materials of copper products have increased by 70%-80% internationally. Therefore, local entrepreneurs also have increased prices of their products.
According to the London Metal Exchange (LME), the current price of copper is about $9,500 per tonne while that of aluminum alloy is $2,400 per tonne and nickel is below $19,500 per tonne.
In the July-October period this year, exports of copper wire jumped by 88.04% due to surging demand internationally. During the period, Bangladesh exported $18.24 million worth of copper wire while the target set for the period was $22.77 million.
