The quick read: what happened today?
Both copper and nickel are lower today as the industrial-metals complex digests a risk-off tone, profit-taking after a strong run into early 2026, and mixed signals on near-term demand.
Today’s pricing snapshot
- Copper: $5.67/lb (-1.66%) — updated Feb 17, 2026.
- Nickel:$16,863.88/tonne (-1.61%) — updated Feb 17, 2026.
- That’s roughly $7.65/lb (conversion shown in the infographic, based on the per-tonne quote).
5 drivers behind today’s copper move (down)
1) Post-peak “cooldown” after January’s record highs
Copper hit an all-time high in January 2026, and Trading Economics notes it’s been easing from those extremes—today’s drop fits that consolidation/profit-taking pattern.
2) Softer demand tone and inventory chatter
Market coverage today is framing copper’s pullback as part of a broader reassessment of demand/supply momentum after a long rally (including profit booking and worries the market may be losing steam).
3) Thin liquidity + futures positioning can amplify moves
AP’s copper futures snapshot shows lower trading volume vs. Friday and falling open interest—conditions that can exaggerate intraday price swings when traders de-risk.
4) Macro cross-currents (growth expectations, USD/rates)
Copper is highly sensitive to “global growth” sentiment. When macro uncertainty rises, traders often sell cyclicals first—and copper is near the top of that list.
5) The longer-term story can stay tight even if today is ugly
Even with today’s dip, Trading Economics notes copper is still well above year-ago levels, which is consistent with a market that’s volatile but not necessarily “broken.”
4 drivers behind today’s nickel move (down)
1) Risk-off pressure is dragging the complex
Nickel is down on the day per Trading Economics, consistent with broader industrial-metals softness rather than a nickel-only shock.
2) Indonesia supply policy is supportive long-term—but not a daily bid
The market is still anchored by Indonesia’s efforts to restrict supply (including quota cuts at the Weda Bay complex), but that doesn’t prevent down days when macro sentiment turns.
3) Oversupply “memory” keeps rallies fragile
Nickel has spent years weighed down by oversupply dynamics; so even when supply headlines turn bullish, the market can fade quickly if demand signals or risk appetite wobble.
4) Volatility is the baseline
Trading Economics’ own stream highlights how quickly nickel can move as traders refocus between “tightening supply” narratives and the reality of demand cyclicality.
Bottom line
On Feb 17, 2026, copper is $5.67/lb (-1.66%) and nickel is $16,863.88/tonne (-1.61%).
Today looks like a classic risk-off + post-rally consolidation session—copper is reacting to cooling momentum and futures positioning, while nickel is slipping despite an underlying Indonesia-driven supply-support narrative.
