Codelco's Copper Premium Hits Record High Amid Supply Concerns

Published: Oct 19, 2025 15:57

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【SMM Copper News】Codelco's premium for physical copper delivery, which is paid on top of the London Metal Exchange (LME) contract, is often used as a benchmark for global contracts of the metal used in the power and construction industries. The premium reached a record high due to concerns over a copper supply deficit next year, a factor that recently drove LME copper prices to hit $11,000 per metric ton last week, the highest level in 16 months. Last month, miner Freeport-McMoRan declared force majeure at its Grasberg copper mine in Indonesia after a mudslide occurred at the world's second-largest copper mine. Earlier this year, disruptions were also reported at the Kamoa-Kakula mine in the DRC and the El Teniente mine in Chile.

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