Copper theft barometer rose to R9.5m in November
The value of copper theft narrowed by 22% year-on-year to R9.5-million in November, however, month-on-month the value increased by R300 000, from R9.2-million in October, the South African Chamber of Commerce and Industry’s (Sacci’s) November Copper Theft Barometer revealed.
Sacci’s Copper Theft Volume Indicator also increased from 128 t in October to 131 t in November.
This came as the international spot price of copper increased to a monthly average of $7 109 in December from $7 068 in November.
“Although it is still relatively early in the month to estimate, it is also well known that major markets are quieter during the festive season, leaving less likelihood for volatility. This suggests that the true December average should be between $7 000 and $7 100. Over the past three years, the January figure for the copper price showed monthly growth, so it’s very likely that the figure might increase above $7 100 in the beginning of 2014,” Sacci said.
Meanwhile, South African exports of waste copper products increased to $62.9-million in October from $58.2-million in September and $41.2-million in August.
“This exceptional increase in copper waste exports is in contrast to a relative strengthening of the exchange rate and neutral copper price movements over the same period, and despite the fact that export restriction on scrap metal came into effect in mid-September,” the chamber noted.
Sacci further stated that the outlook for copper theft levels for December and early next year looked relatively positive.
“Improved policing and moderate copper price movements should strengthen the downward trend in copper theft over the short term,” the chamber added.
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