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The value of copper stolen increased slightly to R11-million in March from R10.7-million in February, increasing by 10% year-on-year and coming in slightly above the 2013 monthly average of R10.5-million, the South African Chamber of Commerce and Industry (Sacci) reported in its Copper Theft Barometer on Thursday.
“The relatively low monthly volatility in the series over the past 13 months would suggest that R10-million has become the new initial benchmark,” Sacci noted.
While describing the March figure as a “positive development”, given the 2011 and 2012 monthly averages of R17.8-million and R19.8-million respectively, the chamber said it remained high, with significant economic cost implications.
In addition, the Copper Theft Volume Indicator, which measured the volume of copper stolen, increased to 153 t in March from 136 t in February.
Meanwhile, the international average monthly spot price of copper, to date, inched lower to $6 647/t in April from $6 663/t in March, which was the third consecutive monthly decrease in the international price and was well below the 2013 average price of $7 330/t.
South African exports of waste copper products increased to $22.3-million in January from $15.5-million in December and $14.3-million in November.
Sacci noted that the outlook for a reduction in copper theft levels for 2014 remained relatively optimistic.
“Once the R10-million-a-month benchmark is established, the next benchmark should be set below R5-million a month. The lower copper price is likely to contribute to a downward trend in copper theft,” it stated.