Copper and nickel are both higher on May 5, with copper showing the bigger daily jump in the latest public readings. Trading Economics shows copper at $5.96/lb, up 2.89% on the day, while nickel is at $19,473.75/tonne, up 1.24% in one latest reading. Both remain well above year-ago levels, but nickel is still the stronger one-month performer.
Today’s pricing snapshot
According to Trading Economics, copper is up 6.79% over the past month and 25.58% year over year. Nickel is up 14.25% over the past month and 24.12% from a year ago. That leaves copper with the slightly stronger annual gain, while nickel still has the better recent momentum.
5 key drivers behind today’s move
1) Copper still has a real concentrate shortage underneath the market
One of copper’s biggest structural supports remains the squeeze in concentrate supply. Reuters-reported coverage says Antofagasta and a Chinese smelter agreed on 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. Mining.com also noted spot charges around negative $43, an unusually tight signal for concentrate availability.
2) Copper’s rally suggests traders are leaning back toward that tight-supply story
Copper is back near $6/lb today after being below its January record high of $6.58/lb, according to Trading Economics. That suggests today’s move is more of a renewed push inside a still-elevated market than a breakout into new highs. This reading is an inference from the latest May 5 price and Trading Economics’ historical high data.
3) Indonesia’s quota cuts are still the main nickel story
Nickel’s core support remains Indonesia’s tighter ore policy. Argus says Indonesia’s 2026 nickel production quota is expected to be cut to about 260 million-270 million tonnes, and Trading Economics’ nickel coverage says those cuts are well below last year’s 379 million tonnes. Since Indonesia dominates global nickel supply growth, that remains one of the market’s biggest price drivers.
4) Nickel is still reacting more directly to policy support than to demand strength
Trading Economics’ nickel news says futures extended gains on expectations of continued supply discipline in Indonesia, reinforcing the idea that tight conditions could persist in the near term. That means nickel’s current strength still looks mainly policy-led, rather than driven by a broad surge in end demand.
5) Both metals are strong, but through different channels
Copper’s issue is concentrate scarcity flowing through the smelting chain, while nickel’s issue is direct ore restriction from the world’s dominant producer. That helps explain why both are higher today, but nickel has the stronger one-month gain while copper is making the bigger daily move. This comparison is an inference from the latest public price data and supply reports.
What to watch next
For copper, the key question is whether the concentrate squeeze starts pushing prices back toward the January high. For nickel, traders will keep watching whether Indonesia sticks to tighter quotas and whether actual production stays constrained enough to justify the rally. Trading Economics’ broader commodities page was updated on May 5, 2026, which supports using these as the latest public benchmark readings today.
Bottom line
On May 5, 2026, both copper and nickel are higher, but for different reasons. Copper is getting a lift from a genuine concentrate shortage, while nickel is still being pushed up by Indonesia’s quota discipline and supply-control narrative.
