The quick read: what happened today?
Copper is slightly lower while nickel is meaningfully weaker, as the market digests a familiar mix of China holiday-soft demand, inventory/flow signals, and policy-driven volatility (especially for nickel).
Today’s pricing snapshot
- Copper: $5.78/lb (-0.38%) on Feb 19, 2026.
- Nickel: $17,157.38/tonne (-1.56%) on Feb 19, 2026.
6 reasons copper is softer today
1) Seasonal demand lull in China is weighing on the tape
Trading Economics points to muted activity in top consumer China during the week-long Lunar New Year holiday as a near-term drag.
2) Inventory signals are not screaming “tight” right now
The same Trading Economics update flags exchange inventory dynamics as part of today’s pressure narrative.
3) “Post-record” consolidation is still the background trend
Copper set an all-time high in January 2026, and today’s dip fits the broader cooling/consolidation pattern after a blow-off peak.
4) Tariff/stockpiling psychology is still in the mix
Goldman has argued that U.S. tariff decisions and stockpiling behavior can distort near-term copper pricing, keeping markets twitchy around positioning and flows.
5) The U.S. “copper constraint” story is increasingly about processing
A recent Financial Times report highlights that the issue may be processing capacity, not raw supply—supporting longer-term bullish narratives even when today’s tape is soft.
6) Long-term demand fears keep dip-buyers engaged
S&P Global has warned of a widening copper supply gap over time as electrification/AI-related demand grows—another reason pullbacks can attract buyers quickly.
5 reasons nickel is down more than copper today
1) Nickel is simply more volatile right now
Nickel routinely swings harder than copper because it’s caught between battery-chain narratives, stainless demand, and policy headlines—so risk-off days tend to hit it more.
2) A weaker 1-month trend sets up sharper downdrafts
Trading Economics notes nickel is down over the past month, which often makes it more vulnerable to “sell the rally / sell the rip” trading.
3) Policy support exists—but it can also create whiplash
Indonesia’s quota actions (like the widely discussed Weda Bay cuts) can tighten supply and spark rallies, but they also keep traders jumpy—so prices can snap lower quickly when macro sentiment turns.
4) “AI/datacenter proxy” positioning cuts both ways
Trading Economics explicitly notes that commodity funds have treated nickel as a proxy for datacenters/electrification/AI themes—great on momentum upswings, painful when funds de-risk.
5) The market is still wrestling with surplus vs. disruption narratives
Even with periodic supply-tightening headlines, many analysts still see surplus risk in 2026—keeping rallies fragile and selloffs sharp when sentiment flips.
Bottom line
On Feb 19, 2026, copper is $5.78/lb (-0.38%) and nickel is $17,157/t (-1.56%).
Copper looks like holiday-soft demand + consolidation after January’s peak, while nickel’s bigger drop reflects a market still dominated by policy headlines and fund positioning.
