October 14, 2016 / 8:32 AM / 9 months ago

UPDATE 1-Aurubis to offer 2017 copper premium at $86, down 6.5 pct from 2016

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LONDON, Oct 14 (Reuters) - Aurubis, Europe's biggest copper smelter, will offer 2017 copper cathode premiums to its customers at $86 a tonne, down 6.5 percent from $92 in 2016, the company said on Friday.

"This reflects our market expectations," a company spokesman said.

The premium is paid above the London Metal Exchange (LME) average cash copper price.

Term premiums are typically negotiated between suppliers and consumers for long-term contracts and deals are discussed during LME Week, an annual London gathering of the global metals industry, which begins on Oct. 31.

Copper is the worst performer on the LME this year because of an expected global market surplus, mainly due to higher mine output. (Reporting by Eric Onstad; Editing by David Goodman)

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