Copper is bouncing today while nickel is slightly lower, as traders weigh macro cross-currents (a firmer dollar, steady yields) against demand expectations, inventory signals, and policy-driven supply narratives—especially in nickel.
Today’s pricing snapshot (Trading Economics CFD benchmarks)
- Copper: $5.90/lb, +2.06% (Feb 24)
- Nickel: $17,681.50/metric ton, -0.08% (Feb 24)
(Note: nickel headlines can look “mixed” intraday depending on the reference moment—Trading Economics updates continuously and the page text can reflect different snapshots.)
5 key drivers behind today’s move
1) Macro cross-currents: dollar firmer, yields steady
Today’s tape isn’t a clean “macro tailwind” for commodities: DXY is up ~0.16% , while the U.S. 10-year yield is holding around ~4.04% . A firmer dollar can cap upside for dollar-priced commodities, but steady yields keep financial conditions from tightening further.
2) Copper is still the “growth/demand pulse” metal
Copper tends to react quickly to changes in expectations for global growth—especially China manufacturing/construction and U.S. grid/AI infrastructure buildout. After recent volatility, today’s +2% move looks like a classic rebound as traders re-price near-term demand expectations.
3) Tariff/stockpiling uncertainty can distort short-term flows (especially copper)
Trade-policy headlines can create weird near-term dynamics: buyers stockpile, traders front-run policy risk, and spreads get jumpy. That kind of uncertainty has been a recurring theme in markets lately and can feed into copper’s day-to-day volatility.
4) Nickel remains a “surplus vs. policy” market
Nickel’s small dip today fits the broader narrative many analysts have flagged: surplus supply can keep nickel rallies contained unless something changes on the supply side (or demand surprises).
5) Inventory signals matter more than usual
For both metals, visible inventories are a fast-moving sentiment driver: falling stocks can spark “tightness” fears, while rising stocks cool rallies. Traders keep a close eye on LME stock data for that reason.
What to watch next
- DXY + real yields: does the dollar keep firming or roll over?
- China macro/data headlines: the key demand pulse for copper
- LME inventory changes: copper & nickel stock signals
- Indonesia nickel policy chatter: quotas/ore/export rules can move nickel fast
- Key technical levels: after January’s record copper volatility, levels matter again
Bottom line
On Feb 24, 2026, copper ($5.90/lb) is rebounding (+2.06%) while nickel ($17,681.50/t) is slightly lower (-0.08%), reflecting a market balancing macro cross-currents (firmer USD, steady yields) with copper’s growth-linked demand repricing and nickel’s surplus-and-policy tug-of-war.
