Photo by: reuters
The value of copper theft narrowed by 34% year-on-year to R9.2-million in October 2013, continuing its downward trend from R13.6-million in August and R10.8-million in September, settling at its lowest figure in four months, the South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer revealed.
Similarly, Sacci’s Copper Theft Volume Indicator decreased from 187 t in August and 150 t in September to 128 t in October.
This came as the international spot price of copper dipped from a monthly average of $7 200 in October to $7 068 in November, which was below the year-to-date average of $7 341 and 8.2% lower than a year before.
The recent promising policy announcements in China, one of the biggest consumers of industrial materials, seemed to have had little impact on the general price trend.
Meanwhile, South African exports of waste copper products increased to $41.2-million in August from $39.8-million in July and $33.2 million in June.
South Africa exported an estimated $312-million worth of waste copper up to the end of August, slightly less than the $326-million for the corresponding period in 2012.
Sacci said in a statement on Monday that the outlook for copper theft levels for the rest of 2013 and early next year looked “relatively positive”, with anecdotal evidence suggesting that copper theft crime levels tended to decrease over the festive season.
“Improved policing and moderate copper price movements should strengthen the downward trend in copper theft over the short term,” the chamber noted.