Copper and nickel are split on April 29. Trading Economics shows copper at $5.93/lb, up 0.28% in one latest reading, while nickel is at $19,419.25/tonne, down 0.06% in one latest reading. The same pages also show nearby alternate updates, but the overall picture is clear: copper is stabilizing after yesterday’s drop, while nickel is pausing after a strong run.
Today’s pricing snapshot
Over the past month, copper is up 8.37% and 29.72% year over year, according to Trading Economics. Nickel is up 12.09% over the past month and 26.67% from a year ago. That means both metals remain well above year-ago levels, with nickel still holding the stronger one-month move.
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. That kind of TC/RC collapse is a strong sign that smelter feedstock remains extremely tight, even when copper prices are choppy day to day.
2) Copper is firming today, but it is still below its January peak
Trading Economics says copper previously reached an all-time high of $6.58/lb in January 2026. With today’s price near $5.93/lb, the market still looks elevated but not overheated. That suggests today’s move is more of a stabilization bounce than a fresh breakout. That last point is an inference from the latest price and historical high.
3) Indonesia’s quota cuts are still the main nickel story
Nickel’s core support remains Indonesia’s tighter ore policy. Recent reporting says Indonesia’s 2026 nickel quota is around 260–270 million tonnes, down from 379 million tonnes in 2025. Since Indonesia dominates global nickel supply growth, cuts of that size remain one of the biggest reasons nickel prices have stayed supported this year.
4) Weda Bay made the nickel tightening story much more credible
The market took Indonesia’s quota policy more seriously after the government sharply cut production at Weda Bay, the world’s largest nickel mine, to 12 million tonnes from 42 million tonnes in 2025, according to Financial Times reporting summarized in web results. That made the supply-tightening story more concrete for traders and helped fuel nickel’s rally into late April.
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 can rise modestly today while nickel eases only slightly after a stronger monthly run. This comparison is an inference from the latest price action and supply reports.
What to watch next
For copper, the key question is whether the concentrate squeeze keeps prices supported after April’s rebound. For nickel, traders will keep watching whether Indonesia sticks to tighter quotas and whether actual mine output stays constrained enough to justify the recent rally. The Trading Economics commodities table was updated on April 29, 2026, which supports using these as the latest public benchmark readings today.
Bottom line
On April 29, 2026, copper looks steadier on the day, while nickel still has better short-term momentum from its stronger monthly gain. Copper still has the clearer long-term scarcity story through refining economics, but nickel remains the more policy-sensitive metal because Indonesia’s quota decisions are doing much of the market’s work.
