Copper and nickel are both lower in the latest market snapshot as traders reassess supply, demand, and policy risks across the base-metals complex. Copper is pulling back from elevated levels, but the long-term story remains supported by tight supply, AI/data-center demand, electrification, and tariff uncertainty. Nickel is also weaker as improved Indonesian supply expectations, RKAB quota speculation, and mixed downstream demand continue to weigh on sentiment.
Today’s pricing snapshot
According to the latest Trading Economics CFD benchmarks, copper traded around $6.55/lb, down roughly 0.63% on the day. Copper is still up about 4.09% over the past month and roughly 46.51% year over year, keeping the metal near historically elevated levels.
Nickel traded around $16,641/metric ton, down roughly 0.41% on the day. Nickel is down about 1.12% over the past month, but remains up roughly 9.52% year over year, showing that the longer-term trend is still positive even though recent momentum has softened.
5 key drivers behind today’s move
1) Copper is easing after a strong rally
Copper is lower today as traders take profits after a powerful move higher earlier this month. The metal remains near historically high levels, so pullbacks are not surprising when traders reassess macro risk, inventories, tariffs, and demand expectations.
Even with today’s weakness, copper’s longer-term setup remains strong because the market is still pricing in tight supply and rising demand from power infrastructure.
2) Copper supply concerns remain important
Copper’s supply picture is still a major support factor. Mine disruptions, declining ore grades, long development timelines, and production setbacks at major producers continue to limit how quickly new supply can come online.
That matters because copper demand is rising at the same time. When demand remains strong and supply cannot respond quickly, the market can stay tight even during short-term price pullbacks.
3) AI, data centers, and electrification remain major copper catalysts
Copper’s long-term demand story remains one of the strongest in the metals market. AI data centers, power grids, EVs, renewable energy, defense demand, industrial electrification, and clean-energy infrastructure all require major copper input.
That is why copper continues to attract buyers on weakness. The market is increasingly treating copper as a strategic infrastructure metal, not just a traditional construction and manufacturing commodity.
4) U.S. tariff uncertainty is still shaping copper flows
Copper traders are still watching U.S. tariff policy and import flows. Tariff uncertainty can encourage stockpiling, redirect metal into U.S. warehouses, and create regional supply-chain pressure.
That keeps copper volatile because changes in trade policy can affect refiners, fabricators, manufacturers, and end users across the supply chain.
5) Nickel is pressured by Indonesian supply expectations
Nickel is lower as traders continue to focus on Indonesia’s RKAB quota policy. Indonesia remains the biggest supply-side driver in the global nickel market, so any sign of quota relaxation or improved ore availability can quickly pressure prices.
At the same time, Indonesia’s quota system still provides some support because the government has signaled that it wants to avoid oversupply. That creates a two-sided setup: more ore availability could weigh on prices, but continued supply discipline could limit the downside.
What to watch next
Copper traders will be watching LME and COMEX inventories, U.S. copper tariff developments, Codelco production updates, China industrial demand, mine-supply updates from Chile, Peru, Indonesia, and the Democratic Republic of Congo, AI/data-center power demand, grid investment, EV sales, U.S. dollar moves, Treasury yields, and broader risk sentiment.
Nickel traders will be watching Indonesia’s RKAB quota process, supplementary quota approvals, stainless steel demand, EV battery demand, Class 1 nickel premiums, LME inventories, Indonesian export rules, ore shipments, sulfur costs, and whether supply discipline continues through the second half of 2026.
Bottom line
On August 13, 2026, copper and nickel are both lower. Copper is pulling back after a strong run, but its long-term setup remains supported by tight supply, AI/data-center demand, electrification, clean-energy growth, and tariff uncertainty. Nickel remains more pressured because improved Indonesian supply expectations and possible RKAB quota changes continue to weigh on sentiment.
Copper remains the cleaner long-term structural-demand story, while nickel remains the more supply-policy-sensitive trade today.
