Copper theft in South Africa increased in January, the SA Chamber of Commerce and Industry (Sacci) said on Tuesday.<\/p>\n
The increase coincided with an upturn in the international copper price.<\/p>\n
Sacci spokeswoman Nonie Makhanya said the Copper Theft Barometer registered a level of R21.9 million in January, up 4.6 percent, from R20.9m, the previous month.<\/p>\n
The January figure was also higher than the 2011 average of R17.8 million.<\/p>\n
“This may point to an increasing trend in copper theft,” Makhanya said.<\/p>\n
The recent increase in the internationally quoted price for copper was a potential driving force for copper theft, she said.<\/p>\n
The spot price of copper increased more than 10 percent in the first two months of the year, but still showed negative annual growth in February (-14.8 percent).<\/p>\n
In the second half of last year, the price contracted sharply because of uncertainty in the global economy.<\/p>\n
This month the price climbed by R2776 to R63,506 per metric ton.<\/p>\n
The decline in the copper price last year meant that South Africa’s annual copper exports dropped by 4.8 percent in November 2011.<\/p>\n
“The uptick in copper prices over the past two months would suggest that the value of South African copper exports could increase if present volumes remain consistent,” Makhanya said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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