Executive Summary

Key insights and market outlook

Copper prices surged to an all-time high above $13,000 per metric ton due to supply concerns and increasing demand from electrification and data center investments. Nickel prices also rose to their highest level in 14 months, nearing $18,000 per ton, supported by Indonesia's production restriction policies. The London Metal Exchange (LME) three-month copper contract reached $13,387.5 per metric ton, a 3.1% intraday increase.

Full Analysis

02

Deep Dive Analysis

Copper and Nickel Prices Surge on Supply Concerns and Indonesia's Policy

Record Copper Prices Driven by Structural Supply Issues

Copper prices have surged to an all-time high above $13,000 per metric ton, driven by growing concerns over structural supply constraints and increasing demand from electrification and data center investments ¹

². The London Metal Exchange (LME) three-month copper contract reached $13,387.5 per metric ton, marking a 3.1% intraday increase on January 6, 2026. This price movement continues copper's 6.6% gain in 2026, following a significant 42% surge in the previous year.

Nickel Prices Reach 14-Month High

Nickel prices also experienced a significant rise, reaching their highest level in 14 months and approaching $18,000 per ton. This increase was largely supported by Indonesia's production restriction policies, which have tightened global nickel supply ²

.

Market Analysis and Expert Insights

ING analyst Ewa Manthey noted that copper prices above $13,000 per metric ton are driven by the growing imbalance between structurally tight supply and increasing demand from electrification and data center investments. This structural imbalance is expected to continue supporting high metal prices in the near term.

References