Copper theft decreases

2014-12-22 14:24

The cost of copper theft decreased to R13 million in November from R13.2 million in October.

According to the South African Chamber of Commerce and Industry’s copper theft barometer, the November figure is 1.51% lower than a month ago and 36.8% higher than a year ago.

“The slight downward movement is welcome but by no means an indication of a downward shift from the stabilisation of the barometer above the R12 million mark.”

The Copper Theft Volume Indicator decreased to 174 metric tons in November from 176 metric tons in October 2014.

Sacci said the international average monthly spot price of copper to date decreased to $6 480 (about R75 150) in December from $6 715 (about R77 750) in November 2014.

The price of copper was linked to other international commodities like oil, which had lost almost 50% of its value over the course of 2014, Sacci said.

“The outlook for copper theft is neutral but with a sizeable risk of a worsening situation,” Sacci said.

“The weakening of the rand exchange keeps the US dollar denominated copper still attractive despite the weakening of the commodity price in international markets.”

Sacci said 2015 would hopefully be the year in which business and police would force a significant reduction in copper theft.

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