14 Feb 2011

Thefts of copper on the rise

7:11 am on 14 February 2011

Copper is becoming a favourite target for thieves in Australia.

Gold used to be the choice of the burglars. But such has been the exponential rise in copper prices in recent years that it is starting to have the appeal of a precious metal.

Last week, the price of a tonne of copper reached $US10,000 on world exchanges.

Radio New Zealand's Sydney correspondent says police are reporting increasing thefts of the metal from building sites and electrical supply companies.

While much of this is petty crime, police in Victoria broke a crime syndicate that they said had netted more than $A1 million by shipping it to buyers in China.

Meanwhile, strong export growth for copper is forecast to underpin record overseas sales for minerals and energy from Australia this year of around $A177 billion.