Chile's Codelco, the world's biggest copper miner by production, is offering its European customers copper at a record premium of $350 a metric ton for 2027, up more than 7% from $325 this year, according to two sources with knowledge of the matter. Codelco declined to comment. Premiums set by Codelco for physical delivery of refined copper are paid on top of London Metal Exchange (LME) prices.
They are often used as a benchmark in global supply contracts for the metal, which is used in electric vehicles, grid infrastructure and construction. The record premium was reported as the global metals industry gathered in London for LME Week. According to the source report, it points to an emerging trend of higher copper premiums for next year, driven by expectations of shortages in Europe.
The move follows a similar increase from another major European player. Aurubis (ETR: NDA), Europe's biggest copper smelter, raised its 2027 premium by around 10% to $347 a ton last week, which the source report describes as also a record for the German company. Source: Reuters, as published by Mining.com on October 20, 2026.
Source: mining.com