Foreign media news on August 7: Copper premiums will remain firm in 2024 following strong gains in 2023, CEO Roland Harlins of Europe's largest copper producer Aurubis said on Monday.
Copper demand will remain good in 2024, but supply is somewhat constrained as some customers shy away from Russian metals.
Orubis raised its 2023 copper premium to $228/ton over the London Metal Exchange (LME) copper futures contract, compared with $123/ton in 2022.
Some consumers shunned Russian metals, partly contributing to higher demand for copper from other sources, the sources said.
Copper demand is expected to remain strong as megatrends such as renewable energy and electric vehicles continue, Harlins said. Copper demand is also strong in North America, which is competing for supplies shipped to Europe. Fewer customers are willing to buy Russian copper cathode, resulting in a sharp drop in the volume of Russian copper cathode entering Western Europe. So the premium is expected to rise in the new year.
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