Codelco has agreed with some European customers this week to add a $350 a ton surcharge on top of the London Metal Exchange copper price for deliveries next year, marking a new high. The premium is the extra paid above the LME price to secure physical metal in a given region.
One year earlier, the Chilean miner offered European buyers a then-record $325 a ton premium, and traders and producers sought to increase shipments to the US because President Donald Trump floated the possibility of imposing duties on copper imports. Europe's biggest copper supplier, Aurubis, has also reportedly lifted its premium for next year to a record $347 a ton. The company would not discuss the specific figure, but said stock moving to the US has tightened availability.
The step up in Europe's premium had been widely expected, but in recent weeks doubts have grown about whether Trump will ultimately proceed with tariffs. Meanwhile, New York copper has slipped to trade roughly level with London futures, which undercuts the incentive to send additional tons to the US and could leave more material for buyers elsewhere.
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If the US pull eases, Europe may see a little more metal on offer even as listed premiums reach records. For investors, the watch items are simple: parity between New York and London and any shift in tariff odds, since both steer regional tightness and the actual premiums paid next year.
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