First, it was high steel prices that squeezed profit margins of many manufacturers. Now, it's copper.

Runaway copper prices have increased 43% in the last 12 months and are hovering near record highs, according to commodity exchanges where metals are bought and sold.

Copper is used in thousands of items that are part of our everyday lives, from toasters and electric blankets to electronics and automobiles. If copper prices continue to soar, consumers should expect to pay more for many items.

"It has been ugly," said Andrew Lampereur, executive vice president and chief financial officer at Actuant Corp., a Glendale manufacturer of products that range from battery chargers and bicycle accessories to electric tools and industrial equipment.

Actuant, formerly known as Applied Power Inc., buys about $10 million worth of copper a year mostly for its electrical products. The company has lost at least one customer who refused to accept a copper-price surcharge.