Photo by: Bloomberg
The value of copper stolen in February decreased to R12.7-million, from R12.9-million in January, but was 18.1% higher than the value of copper stolen in February 2014, the South African Chamber of Commerce and Industry (Sacci) revealed on Wednesday.
In its latest Copper Theft Barometer, the chamber noted that, while the month-on-month reduction was welcome, it was worrying that the year-on-year increase was still relatively high.
Sacci further revealed that the Copper Theft Volume Indicator increased to 192 t in February from 184 t in January, attributing the drop in value, despite the increase in volume month-on-month, to the decrease in the average monthly spot price of copper, which declined to $5 691/t in February from $6 039/t in January.
“The current fall in the oil price has an impact on copper prices. Apart from the reasons for the lower oil price, both the copper and oil prices are affected by global growth.
“Oil is also a component in the production of copper, which puts downward pressure on copper production costs. The fall is in line with corresponding lower prices for other commodities, including stainless steel, gold, silver and platinum,” the chamber said in a statement.
The index outlined that South African exports of waste copper products dropped significantly to $3.4-million in January, from $7-million in August and $15.4-million in July.
“Sacci regards cable theft as economic sabotage and supports the Association of Municipal Electricity Undertakings in its efforts to get copper cable theft declared an economic crime,” the chamber concluded.