Copper theft level reaches R10.5m

2014-01-27 14:31
(<a href='http://www.shutterstock.com'>Shutterstock</a>)

(Shutterstock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cape Town - Copper theft increased to a level of R10.5m in December, the SA Chamber of Commerce and Industry (Sacci) said on Monday.

According to Sacci, copper theft stood at R9.5m in November 2013.

Sacci said the copper theft barometer level for last year was 41% lower than in 2012.

The international spot price of copper increased to a monthly average, to date, of about R82 388 per metric ton in January 2014, from about R80 963 in December.

"The increase in the copper price in January has been much stronger than expected and could signal a confidence in industrial economies for strong growth," Sacci predicted.

Copper waste exports fell to about R160.4m in November 2013 from about R705m in October.

The sudden fall suggested that the export restriction on scrap metal that came into effect at the end of last year was now making an impact.

Sacci CEO Neren Rau said the outlook on copper theft looked "relatively optimistic".

However, a sudden increase in price coupled with a weaker rand exchange rate could create a greater incentive for organised crime.

"This is where the gains from improved policing as well as the export restrictions should start to play a role," he said.

Read more on:    sacci  |  neren rau  |  cape town

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Comments have been closed for this article.

Inside News24

 
ADVERTORIAL
Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

/News
 

How to open a beer bottle without an opener

Do the right thing and never be thirsty again…

 
 

You won't want to miss...

WATCH: Man films himself going down water slide upside down as things go very wrong…
WATCH: Conor McGregor: Notorious the trailer
Best date night restaurants in South Africa
WATCH: Ryan Reynolds offers fans a free tattoo in new Deadpool 2 teaser
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.