Aurubis raises 2019 copper premium

German integrated producer Aurubis said today that it has raised the 2019 copper premium for its annual supply contract in Europe.

Aurubis' copper cathode premium for delivery in 2019 has increased to $96/t on a fca basis, up by $10/t from 2018 delivery.

Aurubis is Europe's second-biggest copper cathode producer and the world's largest copper recycler. It sets the copper premium benchmark in Europe.

As a result of Aurubis' hike, the annual contract premiums offered by other producers in 2019 have also increased.

Aurubis produces over 1mn t/yr of copper cathode, consuming most of this internally to produce copper rods.

Aurubis' acquisition of 40pc in wire rod producer Deutsche Giessdraht was approved in July by Germany's antitrust office, Bundekartellamt. The acquisition will allow Aurubis to increase its cathode capacity and raise its rod output.