Latest copper-theft index records first significant rise since September
The South African Chamber of Commerce and Industry’s (Sacci’s) June Copper Theft Barometer registered its first significant increase since September last year when it rose to R11.1-million, up from R9-million in May and R9.9-million in April.
While the index has been showing downward movement in recent months, the barometer registered a marginal increase to R11.2-million in February, up from R11.1-million in January.
Further, the copper theft volume indicator increased to 158 t in June up from 132 t in May.
However, the chamber noted that the outlook remained positive over the short- to medium term, noting that the June figure was 38% lower than a year before, which pointed to a long-term decrease in the level of copper theft.
The positive outlook is, in part, attributable to the downward trend in the international copper price, which dropped to a monthly average of $6 919/t in July, from $7 003/t in June and $7 237/t in May. This is 8.8% lower than a year before and the first time the average monthly price breached the $7 000 level in nearly two years.
“Although there is a relationship between the copper price and theft levels, it is not perfectly correlated. “Short-term structural factors like the effectiveness of law enforcement in combatting copper theft also impacts substantially on theft levels,” Sacci pointed out.
Meanwhile, copper waste exports in February amounted to $36.8-million, an increase on the $35.1-million in copper waste exports in January.
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