UPDATE 1: Aurubis’ European copper premium offered at four-year high

Germany’s Aurubis has offered European customers a copper premium of $96 per tonne for 2019 contracts, a $10 per tonne increase on last year’s numbers, the company confirmed to Fastmarkets.

Aurubis spokesman Malte Blombach confirmed its premium initially reported by Fastmarkets on Monday at 10:39am London time.

The offer forms the basis of Aurubis’ contracts with copper product customers as well as constituting a delivered cathode premium. At $96 per tonne, the premium is the highest since 2015 when it offered customers a $110 per tonne premium.

The move comes after Chile’s state-owned copper producer Codelco also increased its offer to European customers by $10 year on year with a $98 per tonne offer for 2019 supply.

Additional reporting by Julian Luk

[This article was updated to include confirmation of the premium offer from the company.]

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