Copper slips despite record European premiums
XLB•Copper fell 0.27% to $14,382 a ton on the London Metal Exchange, even as European buyers faced record 2027 premiums of $350 a ton from Codelco and $347 from Aurubis.
1. Copper prices and premiums
Three-month copper on the London Metal Exchange fell 0.27% to $14,382 a metric ton, while Shanghai’s most-traded November contract closed 0.18% higher at 109,390 yuan a ton. Codelco reportedly quoted a 2027 premium of $350 a ton, up from $325 for 2026, and Aurubis raised its premium about 10% to a record $347.
2. Supply and demand factors
Tariff uncertainty has drawn copper shipments toward the United States, where COMEX facilities held roughly 70% of global exchange-visible inventories. China’s Yangshan premium was largely stable at $138 on Tuesday. China’s refined copper output rose 1.1% year over year to 1.26 million tons in September, while production for January through September increased 3.3% to 11.28 million tons.
3. Rates and dollar
A Reuters poll found 94 of 100 economists expected the Federal Reserve to hold rates in October, while all expected a December increase. The dollar continued to weaken, supporting commodities priced in dollars.
