Note: Feb 15, 2026 is a Sunday, so “today’s” pricing typically reflects the latest available close (Friday, Feb 13, 2026) and/or indicative quotes.
The quick read: what happened?
Copper is holding near elevated levels after a powerful early-2026 run, while nickel is choppy as the market balances Indonesia-driven supply headlines against ongoing concerns about oversupply and demand mix.
Latest available pricing snapshot
- Copper: $5.80/lb (+0.30%) — latest update shown for Feb 13, 2026.
- Nickel:$16,995/tonne (-1.48%) — latest update shown for Feb 13, 2026.
- That’s roughly $7.71/lb (unit conversion shown in the infographic; calculated from the per-tonne quote).
6 key drivers behind today’s copper move
1) Tightness narrative is still the backbone
A growing stack of 2026 commentary frames copper as structurally tight—driven by constrained mine supply and durable electrification demand.
2) Stockpiling + policy risk can swing near-term pricing
The market is sensitive to “strategic” flows (where inventory is held) and tariff/policy uncertainty that can redirect metal and tighten local availability.
3) Supply disruptions remain a wildcard
Recent reporting has pointed to disruption risk and upstream stress (including concentrate tightness) as part of what’s kept copper prices elevated.
4) China demand + visible inventories still matter day-to-day
Even in a bullish longer-term story, copper can wobble on softer spot demand signals and inventory changes—especially around holiday/seasonal liquidity.
5) Positioning/flows: trend is strong, but consolidation happens
Copper entered 2026 as one of the stronger industrial assets—meaning pullbacks can be as much about positioning and profit-taking as fundamentals.
6) The “record-high” hangover
Some strategists expect support in the near term but see a path for prices to cool later in 2026—so markets can trade with one eye on “how sustainable is this level?”
5 key drivers behind today’s nickel move
1) Indonesia supply headlines are dominating
Nickel has reacted sharply to news that Indonesia ordered the world’s biggest nickel mine complex (Weda Bay) to cut its 2026 ore quota, a move tied to broader attempts to manage output after years of oversupply.
2) Quota cuts vs. longer-term oversupply concerns
Even with supply tightening headlines, the market still remembers that Indonesia supplies a very large share of global nickel and has expanded capacity aggressively—so prices can snap higher on restriction news, then fade as traders reassess.
3) Stainless steel + industrial cycle sensitivity
Nickel demand is heavily linked to stainless steel, so shifts in global growth expectations can show up quickly in pricing (often more abruptly than copper).
4) EV battery chemistry mix is still a debate
Battery-related demand is meaningful, but the market continues to watch how EV chemistry choices evolve (and what that means for “how much nickel” per vehicle over time).
5) Headline risk premium
Because policy and permitting decisions can change supply expectations overnight, nickel tends to carry a bigger “headline premium”—which can translate into sharper day-to-day swings.
Bottom line
As of the latest available close (Feb 13, 2026), copper is modestly higher at $5.80/lb while nickel is modestly lower at $16,995/ton.
Copper remains driven by tightness + electrification + policy/inventory flows, while nickel is being yanked by Indonesia supply management headlines and broader demand-cycle uncertainty.
