Copper and nickel are moving in opposite directions today. Copper is pushing to fresh record highs as traders price in tight supply, AI/data-center demand, electrification, and mine-disruption risk. Nickel is pulling back after recent gains, with the market still weighing Indonesia supply policy, stainless steel demand, EV battery trends, and inventory pressure.
Today’s pricing snapshot
According to Trading Economics CFD benchmarks, copper rose to about $6.59/lb on May 12, 2026, up roughly 2.70% on the day. Copper is now up about 10.22% over the past month and roughly 41.02% year over year, with Trading Economics listing a new all-time high near $6.61/lb in May 2026.
Nickel fell to about $18,925/metric ton on May 12, 2026, down roughly 1.71% on the day. Even with today’s decline, nickel is still up about 6.74% over the past month and roughly 21.78% year over year.
5 key drivers behind today’s move
1) Copper is breaking into record-high territory
Copper is the clear leader today. Trading Economics shows copper reaching a new all-time high in May 2026, while CME data showed copper futures around $6.639/lb, up about 1.65%, in delayed May 12 trading.
That record-level momentum is attracting more attention from investors looking for exposure to electrification, infrastructure, power demand, and strategic metals.
2) AI and data-center demand are becoming major copper catalysts
Copper’s demand story is no longer just about housing and traditional manufacturing. AI data centers, power-grid upgrades, EVs, renewables, and broader electrification are now central to the bullish copper case.
MarketWatch reported that copper prices reached record highs around $6.53/lb, with AI infrastructure demand only one part of the story; supply disruptions and tightening refining inputs are also helping drive the rally.
3) Supply disruptions and sulfuric-acid shortages are tightening the market
Copper’s rally is also being fueled by supply concerns. WSJ reported that copper futures hit fresh records for the third straight session, with most-traded contracts topping $6.50/lb for the first time. The move was linked to data-center construction demand, supply disruptions, and a global sulfuric-acid shortage affecting mine operations.
MarketWatch also pointed to the Iran conflict, Strait of Hormuz disruption risk, sulfuric-acid export issues, declining ore grades, and delays at Freeport-McMoRan’s Grasberg mine as factors tightening the copper supply chain.
4) Nickel is lower, but the longer-term setup is still supported
Nickel is weaker today, but it has not lost its broader 2026 support. Trading Economics shows nickel still up more than 21% year over year, despite the daily pullback.
The pressure comes from nickel’s more complicated supply-demand balance. Nickel still benefits from stainless steel, EV batteries, and critical-minerals demand, but it remains vulnerable to oversupply concerns and shifts in Indonesian production policy.
5) Indonesia remains the key nickel wildcard
Nickel’s biggest swing factor remains Indonesia. Trading Economics noted that nickel is still underpinned by Indonesia’s structurally tight supply backdrop, along with cooperation efforts involving the Philippines on downstream processing and supply chains.
That keeps nickel highly policy-sensitive. Any change in quotas, refining rules, export policy, or downstream investment can quickly shift the market’s view of supply.
What to watch next
Copper traders will be watching COMEX and LME inventory levels, data-center power demand, grid investment, mine-supply updates from Indonesia, Chile, and Peru, sulfuric-acid availability, China demand, and U.S. dollar moves.
Nickel traders will be watching Indonesia’s production policy, stainless steel demand, EV battery demand, Class 1 nickel premiums, LME inventories, and whether the market can absorb recent supply growth without renewed oversupply pressure.
Bottom line
On May 12, 2026, copper is surging to record highs while nickel is pulling back. Copper has the stronger near-term setup because it is being supported by record price momentum, tight supply, AI/data-center demand, grid upgrades, EVs, and mine-disruption risk. Nickel still has a strong strategic-material story, but its price action remains more vulnerable to Indonesia policy, supply growth, stainless steel demand, and battery-market shifts.
Copper is acting like the stronger structural-demand metal today, while nickel remains the more policy- and supply-sensitive trade.
