Usually both losses are considered but the impact of the no-load losses is much more than the load losses in the capitalized formula

No load loss, generally considered as fixed loss, while cooper loss depends on loading, with increase in over load, the loss cost increases, the time comes , when it is advisable to put new high capacity transformer or to put another in parallel to increase capacity, so cooper loss can be considered as capitalization cost. You can get some idea from my papers, " On line, over load time limit computation, control and capacity addition .........using PC online." and load optimization.

Transformer iron-loss (the power lost in a transformer's core) is also a considerable part of transformer no load losses. The iron which is meant here represents the transformer core. Transformer iron loss is divided to two: Hysteresis loss and eddy current loss. Both depend on type of the core material, the current frequency, the maximum value of the magnetic field and thickness of core sheets. The main cause of hysteresis loss is the magnetic field reversal. Eddy currents are the currents that flow in the core. They are due to the emf which is generated in the core (as the flux cuts it) by the same principle of the induced voltage in the secondary winding of the transformer.