Copper theft decreased in May, the South African Chamber of Commerce of Industry (Sacci) said on Tuesday.
According to the Sacci Copper Theft Barometer, copper worth R9m was stolen in May, compared to R10m in April. This was the lowest level since the barometer’s inception, and was a clear indication that crime-fighting strategies were gaining momentum, Sacci CEO Neren Rau said in a statement.
The copper theft volume indicator decreased to 132 metric tons in May, from 150 tons in April.
Rau said the international spot price of copper dropped to a monthly average to date of US$7 094 per ton in June, from $7 237 in May. This was the lowest value for copper since July 2010 and was $593 below the 12-month-to-date average of $7 687.
Rau said the volatility of the copper price was “sizeable”.
Copper waste exports increased to $36,8m (about R360m) in February, from $35,1m (about R350m) in January. The slight increase was still below the 2012 end-year peak of US43m (about R429m) in November.
Rau said the increased exports in February were most likely a market response to the strong price of copper at the beginning of the year. The outlook remained positive for the medium to long term.
“The trend in official exports of copper waste normally lags the price trend by a few months, so the current significant contraction in the price should [have] a downward impact on criminal activity for the next two to three months.”
Rau called on the public to help in the fight against copper theft. — Sapa
