Aurubis, Europe’s leading copper smelter, has set its 2024 copper premium at $228 per metric ton above the London Metal Exchange (LME) price for sales to its European clientele. This rate remains consistent with the 2023 premium. The unchanged premium is believed to indicate a subdued demand forecast for copper, which is widely utilized in the power and construction sectors.
Martin Sjöberg, the commercial head at Aurubis, expressed anticipation for a surge in refined copper demand in 2024, particularly in sectors associated with the green energy transition. He emphasized that the European market might experience tight supplies. Sjöberg added, “Through our consistent and tangible sustainability efforts, we provide responsibly sourced copper for Europe’s economy.”
Furthermore, LME copper prices have recently seen a decrease, with a decline of over 10% since the beginning of August, currently standing at approximately $7,885 per ton.