The Bahamas government recently banned the export of scrap metals for a period of three months. It was necessaery, they said, 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 $3500 as of early 2009 to hover around $10,000 as of now as per data from London Metal Exchange (LME). 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 allegedly caused significant hardships for those who depend on the scrap metal business for their daily lives.