The quick read: what happened today?
Copper is down today as the market cools after January’s surge and traders react to macro cross-currents (USD/rates) plus mixed demand signals. Nickel is slightly up, staying supported by the market’s focus on Indonesia’s supply discipline (quota cuts) even as the broader nickel complex remains volatile.
Today’s pricing snapshot
- Copper: $5.77/lb (-0.58%) — latest update shown for Feb 16, 2026.
- Nickel:$17,017.38/tonne (+0.13%) — latest update shown for Feb 16, 2026.
- That’s roughly $7.72/lb (unit conversion shown in the infographic).
5 reasons copper is lower today
1) Post-spike consolidation is doing its thing
Copper is coming off an early-2026 high-water mark (Trading Economics notes an all-time high in January 2026), and “trend pauses” like today’s dip are common after a big run.
2) Macro pressure: a stronger USD / rate expectations can weigh on industrial metals
Copper often trades like a “global growth + liquidity” barometer. When the USD firms or rate expectations shift, it can trigger short-term selling (even if the longer-term story stays constructive).
3) China demand signals remain a swing factor
Recent reporting has tied copper pullbacks to soft spot appetite and weaker import indicators—exactly the type of data that can push prices lower on a given session.
4) Tariff/trade uncertainty keeps the market jumpy
Industry coverage continues to highlight that tariff risk and trade-flow distortions can create headline-driven volatility for copper in 2026—so down days can be as much about risk management as fundamentals.
5) The bigger picture is still “tight but fragile”
Even if copper is down today, the broader backdrop is widely described as a market where supply strains can reassert quickly—meaning today’s move may be more “breather” than breakdown.
4 reasons nickel is slightly higher today
1) Indonesia quota cuts are still the dominant support
The nickel market has been repricing around Indonesia’s push to restrict supply—most notably the sharp quota reduction at Weda Bay, the world’s biggest nickel mine complex.
2) Supply-discipline narrative offsets “oversupply scars”
Nickel has lived through an oversupply period; so when policy shifts toward tighter quotas appear credible, prices can stay bid even on quiet up days like today.
3) Benchmark pricing is still reacting to policy headlines
Mining.com also flagged Weda Bay quota cuts as tightening supply, reinforcing why the market keeps paying attention to Jakarta’s next signals.
4) Volatility remains the baseline
With nickel, small percentage moves can mask bigger intraday swings—because supply policy, stainless demand, and battery-chain headlines can hit at any moment.
Bottom line
Feb 16, 2026: copper is $5.77/lb (-0.58%) while nickel is $17,017/tonne (+0.13%).
Copper’s dip looks like normal consolidation + macro/demand sensitivity, while nickel’s firmness reflects ongoing Indonesia supply-discipline repricing.
