Copper and nickel are mixed today. Copper is slightly lower after yesterday’s sharper pullback, as traders continue to weigh profit-taking, macro pressure, and still-elevated prices. Nickel is modestly higher, supported by Indonesia supply-policy uncertainty, a positive month-over-month trend, and continued demand from stainless steel and battery markets.
Today’s pricing snapshot
According to Trading Economics CFD benchmarks, copper fell to about $6.30/lb on July 24, 2026, down roughly 0.11% on the day. Copper is still up about 3.69% over the past month and roughly 9.27% year over year, while its all-time high remains $6.67/lb, reached in June 2026.
Nickel rose to about $17,345/metric ton on July 24, 2026, up roughly 0.29% on the day. Nickel is also up about 2.85% over the past month and roughly 13.63% year over year, showing that nickel is holding positive momentum even as the broader base-metals market remains choppy.
5 key drivers behind today’s move
1) Copper is stabilizing after a sharp pullback
Copper is only slightly lower today after a bigger decline yesterday. That suggests the market is trying to stabilize after profit-taking from elevated levels. Copper is still positive over the past month and year over year, so today’s move looks more like consolidation than a full trend reversal.
2) Copper’s long-term demand story remains strong
Copper remains central to electrification, AI infrastructure, data centers, electric vehicles, power grids, and defense demand. S&P Global’s Copper in the Age of AI report says copper’s outlook through 2040 is tied to electrification, digitalization, AI, data centers, EVs, and defense-related demand.
That long-term demand story is why copper continues to attract buyers on pullbacks, even when short-term macro pressure weighs on the price.
3) Copper tariffs remain a supply-chain wildcard
U.S. copper tariff policy remains a major market factor. The White House said the United States imposed 50% tariffs on imports of semi-finished copper products, including pipes, wires, rods, sheets, and tubes, along with copper-intensive derivative products such as pipe fittings, cables, connectors, and electrical components.
CBP guidance also says the Section 232 copper duty applies to semi-finished copper products and intensive copper derivative products. That keeps regional pricing, import flows, and downstream supply chains in focus.
4) Nickel is higher as Indonesia policy stays front and center
Nickel is modestly higher today, and Indonesia remains the biggest supply-side driver. Indonesia’s Energy and Mineral Resources Ministry recently said it would not grant broad additions to the national nickel production quota, aiming to prevent oversupply and support global prices.
That matters because nickel is highly sensitive to Indonesian quota policy, refining rules, export rules, and downstream investment decisions.
5) The RKAB deadline is a key nickel catalyst
The next major nickel catalyst is Indonesia’s RKAB revision process. SMM reported that Indonesian domestic smelters consumed 120.6 million wet metric tons of nickel ore from January through June 2026, equal to 46.2% of the 2026 RKAB quota of 260 million–270 million wet metric tons, with the July 31 RKAB revision deadline approaching.
That makes nickel a policy-sensitive trade right now. If Indonesia keeps supply discipline in place, nickel could remain supported. If demand weakens or quota rules loosen, prices could face renewed pressure.
What to watch next
Copper traders will be watching COMEX and LME inventories, U.S. copper tariff developments, mine-supply updates from Chile, Peru, Indonesia, and the Democratic Republic of Congo, AI/data-center power demand, grid investment, EV sales, China industrial data, the U.S. dollar, Treasury yields, and broader risk sentiment.
Nickel traders will be watching Indonesia’s RKAB quota process, the July 31 revision deadline, stainless steel demand, EV battery demand, Class 1 nickel premiums, LME inventories, export-policy headlines, and whether Indonesia continues limiting quota expansion.
Bottom line
On July 24, 2026, copper is slightly lower while nickel is modestly higher. Copper is stabilizing after recent profit-taking, but its long-term setup remains supported by AI/data-center demand, electrification, grid upgrades, EVs, tariffs, and tight supply. Nickel is firmer as Indonesia quota policy remains the biggest market catalyst.
Copper remains the cleaner long-term structural-demand story, while nickel remains the more supply-policy-sensitive trade today.
