Europe’s largest copper producer, Aurubis, will charge a record $315 per metric ton premium for refined copper sales to European customers in 2026, according to three market sources cited on Tuesday.
The surcharge — applied on top of the London Metal Exchange (LME) benchmark price — represents a 38% increase from the $228 per ton level maintained over the previous two years. The company declined to comment on the pricing decision.
The sharp rise comes amid mounting fears of a global copper shortage that has driven prices to a 16-month high of $10,800 per ton on Monday. LME copper has climbed about 8% in the past month, trading at $10,698.50 as of Tuesday morning (1027 GMT).
The market has been rattled by a series of production setbacks across major mining regions. Freeport-McMoRan declared force majeure at its Grasberg mine in Indonesia — the world’s second-largest copper operation — following a deadly mudslide, forcing the company to cut its 2025 and 2026 sales forecasts. Additional disruptions have hit the Kamoa-Kakula mine in the Democratic Republic of Congo and Chile’s El Teniente mine.
According to Société Générale, the loss of roughly 273,000 tons of copper output from Grasberg between September and December will push the market into its largest supply deficit since 2004. Bank of America has similarly revised its outlook, more than doubling its projected 2026 deficit to 350,000 tons.
Analysts note that while demand for copper continues to rise — driven by electrification, renewable energy, and grid expansion — supply growth remains constrained by operational challenges and long lead times for new projects.
