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Copper theft continues to climb

Copper theft continues to climb

Photo by Reuters

29th May 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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The South African Chamber of Commerce and Industry (Sacci) on Thursday voiced concern that the recent upward movements in copper theft would become entrenched as the chamber's copper monitor report showed another monthly rise in copper theft.

“The outlook for reduction in copper theft levels for 2014 is concerning, given the consistent increase in theft levels over the past three months,” Sacci said in a statement.

Sacci’s Copper Theft Barometer showed that, in April, the theft of copper increased to R12.5-million. This represented a 26% jump on April last year and an increase on the recorded R11-million in March and R10.7-million in February.

It was also the second consecutive increase in the yearly growth rate, the organisation said, noting the reversal of the general downward trend over the last two years.

The copper theft volume indicator increased from 136 t and 153 t in February and March, respectively, to 176 t in April.

Further, the international average monthly spot price of copper increased from $6 695/t in April to $6 861/t in May.

Edited by Creamer Media Reporter

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