Incidents of copper theft have declined by 17.4% during the past year, according to the South African Chamber of Commerce and Industry's (SACCI's) copper theft barometer, released yesterday.
SACCI says the barometer, which measures and monitors copper cable theft in SA, on a monthly basis, registered R214 million in losses incurred through copper theft over 2011, down R45 million from 2010, which saw total losses amounting to R259 million.
While the December barometer increased by 27% on an annual basis, the registered level for December 2011 was down 5.6% from the preceding month - R20.9 million compared with R22.1 million in November.
Copper exports
“Spot copper prices over the second half of 2011 reflected the global uncertainty on financial stability within the EU and the possible real economy fallout to demand for industrial production. The second half of 2011 started with a peak at an average of $9 643 per metric ton followed by a systematic decline to bottom out at an average of $7 380 per ton in October.”
SACCI concludes that the resurgence in global economic activity should push the copper price past $8 000 per ton with cost-consequences for the replacement of stolen copper in SA and a risk of elevated levels of theft.
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