What is moving the price right now?

LAPP publishes a May LCP (Lapp Cu Price) of around 1,090 EUR/100 kg, up 3.6 percent versus April. The LCP is calculated from the April average of LME Cu cash settlement, multiplied by the ECB EUR/USD reference rate, with a cathode premium and a percentage surcharge for ancillary procurement costs. The May LCP therefore reflects April volatility, not the current spot.

The biggest factor affecting cable availability is the US Section 232 proclamation of 6 April 2026, imposing a 50 percent tariff on semi-finished copper products and 25 percent on derivatives. Cable semis fall under the semis classification and are directly affected when sourced from the US. For European industrial buyers this means volumes previously heading to the US now flow into European and Asian markets, slightly improving copper-semis availability including cable inputs.

The Iran war and Hormuz situation hit the cable market indirectly. First, higher insurance surcharges on container freight affect imports from Asian cable producers. Second, energy costs in copper smelting affect supplier calculations. Effects are small compared with the direct LME driver, but visible in spot prices for litz wires and sheathed cables from Asia.

European cable producers did not raise April conversion surcharges further. Pass-through discipline remains the negotiation theme: a flat price finances surcharges on two components at once, since the metal share breathes with the LME while conversion stays stable.

For the next four to eight weeks we expect LCP in a 1,050 to 1,180 EUR/100 kg band, in step with an LME copper range of 13,000 to 14,400 USD/t and the corresponding EUR conversion effect.

What does this mean for European procurement?

Separate metal surcharge, cable value, specification and delivery mode formally. An LCP monthly-average peg for the metal component, a fixed block for conversion, a separate surcharge for specification (shielding, sheath, conductor count) and a defined delivery mode (warehouse, just-in-time, consignment). Flat prices obscure where the move comes from.

For the next two weeks we recommend a tactical anchor negotiation on larger cable volumes, because European availability through the US re-routing is currently better. Suppliers that previously argued from tight US demand are more open in negotiations.

For high-voltage and control cables with heavy conversion, a separate negotiation track for the conversion component is worthwhile. This component is not correlated with copper and can be negotiated independently, particularly where suppliers have European mills at mid-capacity.

For special specifications such as EMC-shielded cables, dual-coat sheathing or UL approval, audit the Section 232 treatment. Cables converted in the US from US-origin semis fall under the 10 percent variant. Cables with non-US semis content fall under the 50 percent classification.