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Aurubis, Europe’s biggest copper smelter, will offer a 2022 copper premium to its customers of $123 per tonne above London Metal Exchange (LME) prices, the company said on Monday.
This was sharply up from a premium of $96 a tonne over LME in 2021.
An Aurubis spokesperson told Reuters that reasons for the increase included strong demand for copper which is expected to continue, low LME copper inventory levels and increased costs for ocean freight shipping.
Copper prices are also firm. Copper has eased from a record peak of $10,747.50 touched in May, but it is still up about 20% so far this year.
Aurubis had on Aug. 5 reported an almost doubling in quarterly earnings as copper markets remained strong despite the covid-19 pandemic.
The company also said in August it expected the pandemic to have little impact on the final quarter.
(By Michael Hogan; Editing by Kirsten Donovan)
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