Copper theft drops as price narrows to 3-yr low
In the first monthly decrease of the year, the South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer dropped from R11.4-million in January to R10.7-million in February, settling at a figure 2.7% lower than a year before.
As a result, the copper theft volume indicator decreased to 136 t in February from 143 t IN the prior month.
Sacci cautioned, however, that the “slight” drop in February, although welcome, did not detract from the reality that copper theft remained a significant problem in South Africa.
Meanwhile, the international spot price of copper dropped to $6 663/t in March from $7 159/t in February, representing the largest monthly decrease in the copper price since June 2012 and the lowest price for the metal in over three years.
South African exports of waste copper products increased to $22.3-million in January from $15.5-million in December last year and $14.3-million in November.
“This remains a very low export figure, as the 2013 monthly average was $38.6-million and the 2012 average was $40.1-million,” Sacci noted.
The outlook for reduction in copper theft levels for 2014, meanwhile, remained relatively optimistic.
“Assuming that the copper price maintains its downward trajectory and enforcement continues to improve against copper theft, the outlook is that criminals will become increasingly disincentivised to commit copper theft,” said the chamber.
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