Good morning.

Congo’s copper and cobalt just found a faster route to global markets.

EGC and Trafigura have agreed on their first delivery of copper and cobalt via the 1,300-kilometre Lobito Atlantic Railway, linking the DRC’s copperbelt to the deep-water Port of Lobito on Angola’s Atlantic coast. The corridor will cut transit times to roughly seven days.

The initial cargo is destined for U.S. customers, underscoring Washington’s efforts to deepen its critical minerals partnership with the DRC.

Let’s dive into today’s edition.

Trucking and transportation stocks suffered one of their worst days on record after a little-known Florida company, which was recently in the karaoke machine business, announced an AI trucking platform.

What Happened? The firm, formerly The Singing Machine Co. and now known as Algorhythm Holdings, issued a pre-market release touting its SemiCab AI platform, which it says can boost trucking efficiency and reduce empty miles.

David vs. Goliath: The announcement rattled investors, sending shares of C.H. Robinson down 15%, Landstar System down 16%, and J.B. Hunt and Ryder each down about 5%. The Dow Jones Transportation Average dropped 4%, its biggest decline since last April’s tariff shock. By the close, transportation stocks had shed $17.4 billion in market value. Algorhythm’s shares, meanwhile, surged 30% to $1.08.

It is worth noting that, according to The Wall Street Journal, the company’s market capitalization was under $3 million at the time of the announcement, and it had no U.S. software clients.

Import cargo volumes at major U.S. container ports are projected to decline through the first half of 2026, according to the National Retail Federation’s Global Port Tracker report. The slowdown is tied to continued pressure from sweeping tariffs on American importers.

Past & Present: U.S. ports handled 1.99 million TEU in December, down 1.7% from November and 6.6% year over year. Full-year 2025 volumes totaled 25.4 million TEU, a 0.4% decline from 2024.

According to the report, February volumes are forecast at 1.97 million TEU, down 3.1% year over year. March is expected to fall 12% to 1.89 million TEU, while April is projected at 2.05 million TEU, down 7.1%. Volumes are forecast to rebound in May and June, rising 9.3% and 8% respectively.

What’s Next: Overall, first-half 2026 imports are projected at 12.27 million TEU, down 2% from the 12.53 million TEU recorded in the first half of 2025. Trade analysts are also awaiting a Supreme Court decision on the legality of Trump’s IEEPA-based reciprocal tariffs, which could influence future import trends.

A consortium led by FedEx and private equity firm Advent has agreed to acquire European parcel locker operator InPost in a €7.8 billion ($9.2 billion) deal. The offer of €15.60 per share represents a 17% premium to Friday’s close, though it remains below the company’s 2021 IPO price of €16.

What’s the Deal? FedEx and Advent will each hold 37% of InPost under the agreement, while CEO Rafal Brzoska’s A&R will own 16% and Czech investment group PPF will retain 10%.

The transaction aims to expand InPost’s footprint across Europe while giving FedEx access to one of the region’s largest automated parcel locker networks. InPost operates in nine countries, including Poland, France, Spain, and the UK.

The companies said they will remain operationally independent and not integrate their businesses. InPost will keep its name, management structure, and headquarters in Poland. The deal is expected to close in the second half of 2026.

Mercedes-Benz Group reported a 57% drop in full-year operating profit, as $1.2 billion in tariff costs weighed on earnings. The German automaker posted 5.8 billion euros ($6.9 billion) in operating profit for 2025, down sharply from the previous year and below analyst expectations of 6.6 billion euros.

Triple Attack: Mercedes-Benz Group said earnings were affected by foreign exchange headwinds, intensifying competition in China, and a €1 billion ($1.2 billion) tariff-related impact.

European Issue: The results highlight the mounting pressure on Europe’s carmakers as higher input and labor costs, ongoing supply chain fragility, and stricter emissions rules continue to weigh on profitability.

Looking ahead, Mercedes-Benz Group said it will pursue additional cost reductions in 2026 alongside a wave of new product launches. The company is targeting an adjusted return on sales of 3% to 5% for its Mercedes-Benz Cars division

The Trump administration is working to narrow the scope of its 50% tariffs on foreign steel and aluminum, amid mounting complaints from companies and pressure from the European Union during ongoing trade talks, according to a Financial Times report.

The Rollback: The report stated that the U.S. Trade Representative’s office is working to fix complications that arose after the Commerce Department rushed to implement President Donald Trump’s tariff agenda last year. The White House has informed companies that changes are being considered, though specifics and timing have not yet been finalized.

Backstory: President Donald Trump last year imposed a 50% tariff on foreign steel and aluminum to counter Chinese overcapacity, but the measure also hit major trading partners, including Canada, the EU, Mexico, and South Korea.

The administration later expanded the policy to cover “derivative” products containing those metals, forcing companies to calculate the metal content in imported goods, a complex and burdensome compliance process.

The United States has quietly amassed its largest copper stockpile in decades, reshaping global metal flows and tightening available supply, according to Bloomberg.

Increasing Stocks: U.S. copper inventories held in exchange-approved warehouses have surged to roughly 589,000 short tons (about 534,000 metric tons) as of early February — more than five times last year’s level and the highest on record in decades. Including off-exchange holdings, total U.S. copper stockpiles may now be around 1 million metric tons, roughly equivalent to the annual output of the world’s largest copper mine

After Effects: The surge of copper flowing into the U.S. has reduced global supplies, intensifying the strain already caused by mine disruptions from Chile to Indonesia.

Nickel prices climbed after Indonesia ordered a sharp production cut at Weda Bay, the world’s largest nickel mine, tightening global supply. Output at the Eramet–Tsingshan-operated complex will be capped at 12 million tonnes of ore in 2026, down from a 42 million tonne quota in 2025.

What’s Happening: Authorities are cutting output to counter years of oversupply that pushed prices below $20,000 a tonne for the past 18 months, after a spike above $100,000 in 2022. The government has used export bans and quota controls to support domestic margins and promote local refining.

Indonesia said total national nickel ore quotas will fall by more than 100 million tonnes to between 260 million and 270 million tonnes in 2026, compared with 379 million tonnes last year.

After the announcement, the London benchmark nickel price rose 2% to nearly $18,000 a tonne, continuing a rally that has pushed prices to their highest levels since 2024.

The Republican-led House voted 219–211 to pass a resolution seeking to invalidate President Donald Trump’s tariffs on Canada, with six Republicans joining Democrats in support. The measure challenges the emergency declaration under the International Emergency Economic Powers Act that underpins the tariffs.

Democrats used a fast-track provision under IEEPA that allows Congress to force votes challenging emergency declarations. Lawmakers targeted the Canada tariffs specifically, arguing the fentanyl justification cited by the administration was weak.

What’s Next: The resolution now heads to the Senate, where it can advance on a simple majority vote. If approved, it would move to President Trump, who has signaled he would veto it. Overriding a veto would require a two-thirds majority in both chambers, a threshold lawmakers are unlikely to reach.

The Big Picture: The vote comes as the Supreme Court weighs the legality of Trump’s use of IEEPA to impose “reciprocal” tariffs, a ruling that could reshape the administration’s broader trade policy.

Hong Kong-based CK Hutchison has threatened legal action against A.P. Moller-Maersk after Panama asked the Danish shipping giant to temporarily operate two key ports at either end of the Panama Canal.

The company warned that any move by Maersk without its consent would trigger “legal recourse” and notified Panama of a dispute under an investment protection treaty.

Back Story: The confrontation follows Panama’s Supreme Court ruling last month that CK Hutchison’s port concession was “unconstitutional,” a decision the firm is contesting through arbitration. The dispute has become a geopolitical flashpoint between Washington and Beijing, after President Donald Trump accused China of “running the Panama Canal” and pushed to curb Chinese influence.

CK Hutchison had earlier negotiated a $23 billion sale of its global port assets to a BlackRock-led consortium, but Beijing intervened, calling the move capitulation to U.S. pressure.