Morning Bites

⛏️ Codelco offered Chinese copper buyers a record high USD 350/t premium over LME prices for 2026 contracts, Bloomberg reports, citing people related to the pricing discussions. Meanwhile, for 2025, the premium was agreed at only USD 89/t

In our view, the rising copper premiums underscore the recent supply disruptions at major mines (that led to continuously negative spot TC/RC in China in 2025), as well as strong demand trends globally. Given the both short and long-term positive market fundamentals, we maintain our positive view on copper and expect prices to reach USD 12,300/t in the 1H26

#copper