Copper and nickel are both under pressure on March 13, though for different reasons. Copper is sliding as traders focus on high visible inventories and softer near-term momentum, while nickel is giving back ground after a recent run-up tied to Indonesia’s supply cuts. The latest Trading Economics data shows copper at $5.76/lb, down 1.06% on the day, and nickel at $17,414.25/tonne, down 1.97%.
Today’s pricing snapshot
Trading Economics updated copper on March 13 at $5.76/lb, noting the metal is roughly flat over the past month but still sharply higher year over year after hitting a record high in January 2026. Nickel was updated at $17,414.25/tonne on March 13, with the metal still up about 1.6% over the past month and more than 5% from a year earlier despite today’s selloff.
5 key drivers behind today’s move
1) Copper still has a real concentrate shortage underneath the market
One of copper’s main long-term supports remains the severe squeeze in concentrate supply. Reuters-reported coverage said Antofagasta and a Chinese smelter agreed to 2026 treatment and refining charges of $0 per metric ton and 0 cents per pound, versus $21.25/tonne and 2.125 cents/lb for 2025. That kind of TC/RC collapse is a strong sign that feedstock is tight even when the headline copper price is weak on a given day.
2) High visible inventories are capping copper’s upside
Copper’s near-term problem is that the market can see plenty of metal in storage. Trading Economics says inventories remain part of the pressure on prices, and broader market reporting has highlighted the drag from elevated exchange stocks. That is why copper can still have a bullish structural supply story while struggling to rally day to day.
3) Indonesia’s quota cuts are still the key nickel story
Nickel’s bigger support remains Indonesia’s tighter ore policy. Trading Economics reported last month that Indonesia confirmed 2026 nickel ore quotas of about 260-270 million tons, well below 379 million tons in 2025, in an effort to curb oversupply and support prices. That supply tightening was one of the main reasons nickel rallied toward $18,000/tonne earlier this year.
4) Weda Bay made the nickel tightening story much more tangible
The market took Indonesia’s cuts more seriously after the government slashed the quota at Weda Bay, one of the world’s largest nickel mining complexes. The Financial Times reported Weda Bay’s ore quota was cut to 12 million tonnes for 2026 from 42 million tonnes in 2025, showing the government was willing to make meaningful supply reductions at major operations.
5) Today looks like profit-taking after the recent nickel rebound
Nickel’s drop on March 13 looks less like a collapse in the core story and more like a pullback after a strong run. The same supply-cut narrative is still in place, but today’s price action suggests traders are taking profits and rebalancing after the Indonesia headlines were largely absorbed. Copper, by contrast, is still being dragged lower by the inventory overhang despite its tighter long-term mine-and-smelter setup.
What to watch next
For copper, the key question is whether the concentrate squeeze eventually outweighs the pressure from visible inventories and softer short-term sentiment. For nickel, traders will be watching whether Indonesia sticks to tighter quotas and whether actual production undershoots even the reduced approved levels. Those supply decisions are still the most important catalysts for both metals.
Bottom line
On March 13, 2026, copper is being weighed down by inventory pressure, while nickel is cooling after a supply-driven rally. Copper still has the stronger long-term structural bull case because of concentrate scarcity, but nickel remains highly sensitive to Indonesia’s policy decisions, which can quickly swing the market in either direction.
