The cost of copper theft decreased to R13 million in November from R13.2m in October, according to the SA Chamber of Commerce and Industry’s (Sacci) Copper Theft Barometer.<\/p>\n
“The November figure is 1.51 percent lower than a month ago and 36.8 percent higher than a year ago,” Sacci said.<\/p>\n
“The slight downward movement is welcome but by no means an indication of a downward shift from the stabilisation of the barometer above the R12m mark.”<\/p>\n
The Copper Theft Volume Indicator decreased to 174 metric tons in November from 176 metric tons in October 2014.<\/p>\n
Sacci said the international average monthly spot price of copper to date decreased to US6480 (R75,149.86) in December from US6715 (R77,747.28) in November 2014.<\/p>\n
The price of copper was linked to other international commodities like oil, which had lost almost 50 percent of its value over the course of 2014, Sacci said.<\/p>\n
“The outlook for copper theft is neutral but with a sizeable risk of a worsening situation,” Sacci said.<\/p>\n
“The weakening of the rand exchange keeps the US dollar denominated copper still attractive despite the weakening of the commodity price in international markets.”<\/p>\n
Sacci said 2015 could hopefully be the year in which business and police would force a significant reduction in copper theft.<\/p>\n
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