Copper theft down 15% year-on-year in December, outlook for 2014 ‘relatively optimistic’
The value of copper theft narrowed by 15% year-on-year to R10.5-million in December; however, month-on-month the value increased by R1-million, from R9.5-million in November, the South African Chamber of Commerce and Industry’s (Sacci’s) December Copper Theft Barometer revealed.
On average, the barometer level for 2013 was 41% lower than that of 2012, Sacci said in a statement on Monday.
The chamber’s Copper Theft Volume Indicator also decreased to 120 t in December from 131 t in November.
This came despite the international spot price of copper increasing to a monthly average, to date, of $7 343 in January from $7 216 in December.
“The increase in the copper price in January has been much stronger than expected and could signal confidence in industrial economies for strong growth,” Sacci noted.
Meanwhile, South African exports of waste copper products fell to $14.3-million in November, the lowest level in more than three years, from $62.9-million in October.
“This sudden fall suggests that the export restriction on scrap metal that came into effect in mid-September is now [having] an impact and that October might have captured some data overhang from September,” the chamber noted.
Sacci further stated that the outlook for a reduction in copper theft levels during 2014 remained relatively optimistic.
“However, the sudden increase in price coupled with a weaker rand exchange rate is a risk to the outlook since it creates a greater incentive for organised criminals to commit crime. This is where the gains from improved policing, as well as the export restrictions, should start to play a role,” the chamber concluded.
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