Copper holds despite record European premiums
XLB•Copper was largely steady, while European premiums for 2027 deliveries reached records: Codelco quoted $350 per metric ton and Aurubis raised its premium about 10% to $347. China’s September refined copper output rose 1.1% year over year to 1.26 million tons.
1. European premiums hit records
Three-month copper on the London Metal Exchange rose 0.14% to $14,440 per metric ton, while the most-traded November contract in Shanghai gained 0.58% to 109,820 yuan a ton as of 0330 GMT. Codelco reportedly quoted $350 per metric ton for 2027 deliveries, up from $325 for 2026, and Aurubis raised its premium about 10% to an all-time high of $347.
2. Supply and production
The premiums come as tariff uncertainty continues to draw copper into the United States. COMEX facilities held roughly 70% of global exchange-visible inventories after shipments flowed toward American warehouses following a US investigation into copper imports launched in February 2025. China’s refined copper output rose 1.1% year over year to 1.26 million tons in September; production for January through September grew 3.3% to 11.28 million tons.
