Copper is priced off the LME and traded as cathode, concentrate, ingot, rod and scrap. Chile, Peru, DR Congo, Zambia and China lead supply; China, Europe, Japan, Korea, India and Türkiye are the largest buyers. Every form has its own specification, contract style and compliance checks.
Grades and specifications
| Grade | What it is | Price reference |
|---|---|---|
| Cathode Grade A | Cu min 99.9935% (BS EN 1978 Cu-CATH-1 / ASTM B115); LME-registered brands | LME copper plus physical premium |
| Concentrate | Typically 20–30% Cu, priced on payable metal less treatment and refining charges | LME average for a quotational period |
| Ingots and wire rod | Refined copper products | LME plus premium |
| Scrap | Bare bright wire, No. 1 and No. 2 copper and other industry grades | Discount to LME by grade |
Cathode Grade A: parameters commonly specified
| Parameter | Typical limit |
|---|---|
| Copper | min 99.9935% |
| Impurities | Within BS EN 1978 / ASTM B115 limits |
| Form | Full plate cathodes in bundles of about 2–3 MT |
| Brand | LME-registered or named producer |
| Packing | Strapped bundles, containerised or breakbulk |
Specifications vary by origin, buyer and contract. The contract specification, not a generic sheet, is what the inspector tests against.
Typical contract terms
- Pricing: LME cash average for an agreed quotational period, plus premium; concentrates on payable terms
- Incoterms: FOB, CIF, FCA; DAP warehouse for some buyers
- Lot sizes: Containers of about 25 MT; concentrate by vessel
- Payment: LC at sight; provisional and final invoices for concentrate
- Inspection: Weight, assay and brand check; umpire assay for concentrate
Documents
Seller provides
- Producer or refinery certificate of analysis
- LME brand certificate where applicable
- Mining or trading licence and export permit in the origin
- Certificate of origin
- OECD-aligned due diligence on source of material
- Bill of lading, invoice, packing list
Buyer provides
- Letter of intent with form, grade, quantity and delivery
- Import permit where required
- Bank details for verification
Procedure
- Enquiry and specificationBuyerProduct, grade, quantity, packing, destination, delivery window, Incoterm and payment method, on company letterhead.
- KYC in both directionsBuyerSellerRegistry extracts, ownership, licences and bank details are exchanged and verified. See Documents Checklist.
- Offer and negotiationSellerA firm offer with price basis, validity, quantity tolerance, inspection and payment terms.
- ContractBuyerSellerA sales and purchase agreement on recognised contract terms, with law and arbitration named.
- Payment securityBanksDocumentary letter of credit at sight, confirmed where needed, or another instrument agreed in draft before issue.
- Inspection and loadingSellerInspector weighs, checks brand marks or samples concentrate for assay and moisture, and seals containers or supervises vessel loading.
- Documents and paymentBanksInvoice (provisional for concentrate), bill of lading, certificates of weight, assay and origin, and insurance under CIF.
Price reference
| Benchmark or range | Level | Basis |
|---|---|---|
| Copper LME 3M | ~$14,066/MT | LME, 14 Aug 2026 |
| Cathode Grade A | LME + premium | EU / China / MENA, 14 Aug 2026 |
Treatment and refining charges for concentrate are set annually and in spot deals. Latest levels are in the Weekly Market Monitor.
- "Copper isotope ingots" or 5N copper offered in bulk by brokers
- Cathode offered well below LME
- Exports from DR Congo, Zambia or Tanzania without the correct exporter of record, licences and royalty payments
- Requests for advance payment to release a shipment
TradeScout24 Trade Desk · Sources: LME copper contract specifications; BS EN 1978; ASTM B115; TradeScout24 Weekly Market Monitor, 14 Aug 2026 · General information, not an offer or legal advice · Last reviewed 31 Oct 2026