Two fun facts about it: first, if you cut a small notch along the length of the tube, this will not happen as the current cannot go around the tube.
Second, imagine a superconducting tube with an extremely powerful magnet right in the center of it. Now, try to get the magnet out without cutting the tube.
[1] http://en.wikipedia.org/wiki/Right-hand_rule
Edit: Of course, there's nothing special about the tube being made of copper. Any conducting substance will do.