Copper and nickel both moved higher on April 10, 2026, with copper showing the stronger daily gain. Trading Economics shows copper at $5.86/lb, up 1.97% on the day, while nickel rose to $17,290/tonne, up 0.44%. Even with that bounce, the two metals are still being driven by different versions of the same story: tight supply support underneath the market, but uneven short-term sentiment on top of it.
Today’s pricing snapshot
According to Trading Economics, copper was up 0.27% over the past month and 29.20% year over year as of April 10, while nickel was down 2.43% over the past month but still 15.11% higher than a year ago. That leaves copper looking stronger on both the daily move and the recent trend, while nickel is still recovering from a softer month.
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 said 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. That kind of TC/RC collapse is a strong signal that smelter feedstock remains extremely tight, even when day-to-day copper prices are volatile.
2) Copper is finally getting some lift from that tight supply backdrop
The fact that copper rose nearly 2% on April 10 suggests the market is leaning back toward the long-term scarcity story after a choppier stretch. That is an inference from the combination of tighter concentrate economics and the latest price action on Trading Economics, not a separate reported cause.
3) Indonesia’s quota cuts are still the main nickel story
Nickel’s core support remains Indonesia’s tighter ore policy. Recent market reporting says Indonesia’s 2026 nickel ore quota is roughly 260–270 million tonnes, down from 379 million tonnes approved for 2025. Since Indonesia dominates global nickel supply growth, cuts of that size remain one of the market’s biggest drivers.
4) Nickel is still reacting to policy support more than to demand strength
Nickel’s smaller gain on April 10 suggests supply restraint is still supporting the market, but not enough to create the same momentum copper showed that day. That is an inference from the latest Trading Economics move together with the Indonesia quota story. The public sources I found point more to policy-led support than to a major rebound in stainless steel or battery demand.
5) Copper and nickel are being driven by different versions of the same supply story
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 copper jumped harder on April 10 while nickel rose more modestly. Copper’s supply pressure is showing up in refining economics, while nickel’s support is still more directly tied to Indonesia policy.
What to watch next
For copper, the key question is whether the concentrate squeeze keeps translating into stronger prices after April 10’s rally. For nickel, traders will keep watching whether Indonesia sticks to tighter quotas and whether actual output lands below those lower approved levels. Trading Economics also notes both commodity pages were updated in April 2026, so these remain the freshest public benchmark readings I found.
Bottom line
On April 10, 2026, copper looked like the stronger market because its tight-supply story translated into a clearer price move. Nickel also rose, but its gain was smaller and still looks mainly tied to Indonesia’s supply restraint rather than a broader demand revival.
