Photo by: Bloomberg
The South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer has increased to R15.4-million in May, from R12.5-million in April and R11-million in March, representing a 71.1% year-on-year increase and marking the third consecutive monthly increase in the value of stolen metal.
Similarly, the Copper Theft Volume Indicator increased to 214 t in May, from 176 t in April and 153 t in March.
Sacci said recent incidents of copper theft had resulted in large-scale property damage and a variety of economic costs, which, together with the upward trend in the barometer, suggested that urgent policy response was required.
“Although the South African Police Service (SAPS) has done excellent work with practical legislative initiatives to curb copper theft thus far, this project needs to move forward by way of introducing a specialised copper theft police unit,” Sacci CEO Neren Rau suggested.
Meanwhile, the international average monthly spot price of copper increased to $6 796/t in June from $6 885/t in May.
The monthly average had fluctuated between $6 500/t and $7 000/t since March, compared with the slightly higher 2013 average of $7 330/t.
The value of South African exports of waste copper products dropped to $24-million in April, down from $30.3-million in March and $33.1-million in February.
“The outlook for copper theft levels for the year is troubling, especially in light of recent high-profile incidents of copper theft that have resulted in large-scale power outages and severe injuries,” Sacci cautioned.