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The value of copper stolen increased for a second consecutive month in January, swelling from R10.5-million in December to R11.4-million for the first month of the year, the South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer revealed on Thursday.
This brought the value of copper stolen in January to above the 2013 monthly average of R10.5-million.
“The persistence of copper theft activity, despite improved policing, supports the need for continued vigilance,” Sacci said in a statement.
Similarly, the organisation’s Copper Theft Volume Indicator also increased, growing to 143 t in January from 140 t in December
Meanwhile, the international spot price of copper decreased to a monthly average of $7 159/t in February from $7 292/t in January, with Sacci noting that commodity prices were known to post strong growth spurts following the festive season.
“The decrease in February is, thus, most likely a price correction,” it held.
South African exports of waste copper products increased to $15.5-million in December from $14.3-million in November, which remained a “very low” export figure, as the 2013 monthly average was $38.6-million and the 2012 figure was $40.1-million.
“Clearly, the impact of the export restriction on scrap metal is being felt,” Sacci noted.
The outlook for reduction in copper theft levels for 2014 remained relatively optimistic, given the context of the barometer.
Barring sudden prolonged price spikes in copper and a continuation of the good work done by the authorities, Sacci expected copper theft to become less prevalent as organised copper theft syndicates were “put behind bars”.
“The increase in January, although somewhat disheartening, should also spur South Africans to realise that copper theft remains a serious problem with a broad economic impact,” the chamber concluded.