The South African Chamber of Commerce and Industry said it's Copper Theft Barometer decreased from R12.6m to R12.10m between September and October this year.
According to the latest report the October figure is 6.9% lower than in September.
Chief Operating Officer, Peggy Drodskie said the drop could be a result of a drop in demand for copper in countries such as China where the copper is mostly shipped to.
"With the slow down in China there is obviously no longer a demand for the copper and if there is no a demand that means that economy is growing so much more slowly. That obviously has an impact on South Africa which we have seen in the lower commodity exports which we have taken through to China" she said.
Historically SACCI has tracked the link between the level of theft and the international copper price. A significant correlation has been seen over the years. The significant drop in the international copper price over the past twelve months would have a significant impact not only on the value of copper stolen, but also on volumes as seen in the latest information.
She said the positive to the drop could be linked to other factors such as an improved diligence on the part of the South African Police, the implementation of legislation aimed at curbing theft, and importantly, the introduction by the South African customs authority of sniffer dogs that have been trained to identify copper and which have been put to work at ports.
"Recently we have had new legislation which has been been put onto the statute books,if that is the case then that is very positive for South Africa. We are then reaching out and stopping the level and it has nothing to do with the poor economic climate that is being experienced" Drodskie said.
The report however also indicates that theft is 43.5% higher than a year ago.
The report also states that the lower levels seen in the barometer should not be seen as positive but should be seen as an indicative of the general global situation, and particularly that of China, on which South Africa has strongly relied on in the past for its commodity based exports.
It points to the critical need for South Africa to implement business friendly policies, to encourage investment and to use everything in its power to find sustainable avenues to grow.