Copper for semi-finished products Milano: today’s quotation

Today’s value

In the session of September 7, 2026 the Copper for semi-finished products Milano index stands at 14,591 EUR/t, a change of +1.1% on the previous session. The chart covers the last 64 sessions; the full multi-year history is available to FT Mercati subscribers.

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What it is

Copper for semi-finished products Milano is the reference quotation of copper on the Milan market for the production of semi-finished products: sheets, strips, tubes, bars and wire. It is the figure on which the Italian copper market writes price lists and contracts, and historically the most consulted item of the whole Milan list, still known to many as "Milan cash copper".

It is not an exchange price but a national reference value: it expresses, in euro per tonne, the value of copper made available to the Italian processing industry.

How it is calculated

The index starts from the LME cash copper quotation, expresses it in euro and adds the Italian market premiums for physical metal destined for semi-finished products. It is published on every trading day and every value is comparable with decades of history.

From ASSOMET to FT Mercati: continuity of the series

Until 31 July 2026 this quotation was part of the "Milan prices" calculated and published by ASSOMET, the Italian national association of non-ferrous metal industries. Since 1 August 2026 FT Mercati has continued its calculation independently with the same criteria: the Copper for semi-finished products Milano index is the continuation of the same series, with the full history preserved.

For those who use it in contracts nothing changes: monthly averages, year-on-year comparisons and price-revision clauses cross 1 August 2026 without a break. It is advisable to update the contractual reference to "FT Mercati Copper for semi-finished products Milano index" and, for existing contracts, to share the transition with the counterparty.

What it is used for

Foundries, rolling mills, wire drawers and tube and cable makers use it as the basis for price lists and price-adjustment clauses; downstream users — plant engineering, electrical, taps and valves — to check the increases applied by suppliers and to fix the price of the metal contained in finished products.

Milan index versus LME price: the difference

The LME Copper price is the exchange quotation of the London Metal Exchange: primary metal in US dollars per tonne, delivered in approved warehouses. The Copper for semi-finished products Milano index starts from that price, expresses it in euro and incorporates the premiums of the Italian market, i.e. the cost separating the exchange price from metal physically available on the Milan market, in the form and conditions used by the industry.

That is why the two numbers move together but never coincide: the difference reflects the physical premium and the euro-dollar exchange rate. Buyers of metal in Italy look at the Milan index; those who want to read the world market look at the LME.

Frequently asked questions

What is the Copper for semi-finished products Milano index?

It is the reference quotation of copper for semi-finished products on the Milan market, calculated and published on every trading day by FT Mercati in EUR/t. It continues the historical series published by ASSOMET until 31 July 2026, with the same criteria and the history preserved.

How is it calculated?

The index starts from the LME cash copper quotation, expresses it in euro and adds the Italian market premiums for physical metal destined for semi-finished products. It is published on every trading day and every value is comparable with decades of history.

Can I use it in contracts that referred to the ASSOMET prices?

Yes: it is the continuation of the same series, so averages and price-revision clauses keep working. It is advisable to update the reference to "FT Mercati Copper for semi-finished products Milano index" and, for existing contracts, to share the transition with the counterparty.

Where can I find the full history?

The website shows the latest published value and the trend of the most recent sessions. FT Mercati subscribers have the daily values, the multi-year history and the tools for contractual use on the platform; you can start with a free trial.

What is the difference from the LME price?

The LME quotes primary metal in US dollars per tonne with delivery in exchange warehouses; the Milan index starts from that price, expresses it in euro and adds the Italian market premiums for physical metal. The two values move together, but the difference — premium and exchange rate — is never zero.

The Milan Indexes are calculated and published by FT Mercati and are reference values of the Italian market, not exchange prices. The value shown is that of the latest published session.