US Stocks Brief: S&P Futures Now Up Less Than 0.1%, Nasdaq 100 Futures Up Near 0.3% Ahead of Consumer Sentiment Data at 10am ET

Base metal prices fall, with LME three-month copper down 0.2% at $9,535.50 a metric ton and LME three-month aluminum down 1.3% at $2,695 a ton. However, the base metals complex is set to end the week higher on mounting concerns of trade wars and a generally weaker U.S. dollar, with copper up 0.7% on week and aluminum up 2.3% on week. Among North American copper miners, 2024 copper production was on average 5% below original guidance, and 2025 guidance was 5% below consensus estimates, RBC Capital Markets analysts say in a note. This likely reflects more conservatism on guidance from miners and more challenging mining. Some recent positive signs around U.S.-China relations are constructive for metals and the fundamentals for copper look solid, though uncertainty remains short-term, RBC adds. (joseph.hoppe@wsj.com)

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Aluminum Costs Climb Ahead of Tariffs; Canadian Trucker TFI Moving to U.S. By Liz Young

Aluminum imports are getting more expensive-even before new tariffs go into effect.

The WSJ's Kirk Maltais reports that manufacturers of automobiles, beverage cans and home appliances are rushing to stock up on aluminum before the Trump administration raises a 10% tariff on the metal to 25% next month. The U.S. imports nearly 60% of aluminum used in the country, while the amount of the metal produced here continues to diminish.

Increased anxiety about the availability of aluminum is driving up the surcharge buyers pay to get the material transported to their facilities from ports. That fee, known as the "Midwest premium," is essentially a delivery charge for aluminum shipped within the U.S. It has climbed 65% from the start of the year and surged nearly 30% since the White House confirmed new metal tariffs, according to Platts, a part of S&P Global Commodity Insights.

The rising costs show how President Trump's tariff policies can feed into inflation even before the duties have gone into effect. Aluminum buyers are expected to pass a lot of the additional costs onto consumers, but higher prices could dent consumer demand, leaving companies elsewhere in the metal supply chain in a pinch.

Tariffs threaten to worsen a shortage of transformers used in power grids. (WSJ) CONTENT FROM: PENSKE Gain AI. Gain Ground with Penske.

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Economy & Trade

Trucker TFI International plans to move to the U.S. as more Canadian companies consider shifting their operations amid President Trump's tariff threats. The WSJ's Paul Vieira and Connor Hart report that the company has operated in the U.S. since 2011 and about 70% of its operations are south of the border . CEO Alain Bédard said moving to the U.S. would better align the company with its "shareholder base and commercial presence."

The Trump administration's proposals to place new tariffs on Canadian imports have prompted companies to delay expansion plans, put hiring on hold and revise their sales outlook downward, an early sign of how the levies could reshape crossborder supply chains. KPMG Canada said nearly half of business leaders the firm surveyed recently plan to shift investments to the U.S. or set up production operations to secure tariff-free access to the U.S. market and reduce costs.

Number of the Day Quotable In Other News

U.S. jobless claims rose to 219,000 last week. (MarketWatch)

President Trump is making plans to disband the governing board that oversees the U.S. Postal Service. (WSJ)

Mercedes-Benz will cut jobs and shift some production from Germany to lower-cost countries. (WSJ)

Airbus expects to deliver more planes to customers this year than in 2024. (WSJ)

E-commerce giant Alibaba Group reported revenue rose more than expected in the latest quarter. (WSJ)

Online furniture seller Wayfair posted a wider-than-expected loss of $128 million in the latest quarter. (MarketWatch)

German shoe brand Birkenstock's revenue climbed in its fiscal first quarter. (WSJ)

Hasbro forecasts revenue will tick up slightly this year. (WSJ)

French grocer Carrefour anticipates subdued earnings growth for this year. (WSJ)

Grocer H-E-B opened its third e-commerce fulfillment center in the Houston area. (Houston Chronicle)

Stop & Shop employees are threatening to strike over a contract dispute at one of the grocer's Massachusetts warehouses. (Providence Journal)

China is renewing efforts to attract foreign businesses after inbound investment tumbled last year. (Bloomberg)

HMM is looking to buy South Korea's SK Shipping. (ShippingWatch)

DHL sold less-than-truckload carrier Standard Forwarding to transportation company Sakaem Holdings. (Trucking Dive)

Executive Insights

Here is our weekly roundup of stories from across WSJ Pro that we think you'll find useful.

The fates of Nikola and Hyzon are a setback for a sector of zero-emissions trucking where many had seen promise. Crunchbase is using AI to forecast startup funding, acquisitions and public offerings-but its biggest challenge may be predicting its own future. The wave of lawsuits over browser extensions like PayPal Honey spotlights the question of who deserves credit when a consumer makes a purchase. Holes in home Wi-Fi, kids oversharing online and other missteps by company executives and their families can give hackers a doorway to corporate networks. About Us

Follow the WSJ Logistics Report team: @bylizyoung and @pdberger . Follow the WSJ Logistics Report on X at @WSJLogistics .

This article is a text version of a Wall Street Journal newsletter published earlier today.

Gold futures slip, but remain close to record highs. Futures are down 0.25% at $2,948.70 a troy ounce after a fresh high of $2,973.40/oz in the prior session. The precious metal is set to finish the week higher on safe-haven demand and attention from U.S. President Trump's administration, SP Angel analysts say in a note. Trump insisted he would "make sure the gold is there" when asked about concerns over the Fort Knox gold supply and the rally gained steam after Treasury Secretary Scott Bessent mentioned monetizing the U.S. balance sheet, SP Angel says. However, Bessent dismissed revaluing U.S. gold reserves, and ruled out gold as an asset for a new U.S. sovereign wealth fund, SP Angel writes. Consistent central bank purchases and Chinese consumer buying also continue to support gold, SP Angel adds. (joseph.hoppe@wsj.com)

BELGRADE (Serbia), February 21 (SeeNews) - Canadian mineral exploration company Dundee Precious Metal (DPM) said it has revealed high-grade intercepts at the copper-gold-silver Dumitru Potok prospect, at its Coka Rakita site in eastern Serbia.

Results from two drill holes at the Dumitru Potok prospect include 190 metres at 2.07% copper, 1.23 grams of gold per tonne and 12.19 grams of silver per tonne, DPM said in a press release on Wednesday.

"These impressive results at Dumitru Potok clearly demonstrate the existence of a large copper-gold deposit that has the potential to provide additional high-grade mineral resources adjacent to the planned infrastructure of Coka Rakita. The drill program continues to expand the Dumitru Potok discovery, and we have yet to define its limits as it remains open in multiple directions and at depth," said DPM CEO David Rae.

In December, DPM announced the results of a pre-feasibility study for the Coka Rakita project. The miner said at the time that an estimated after-tax net present value of the project at a 5% discount rate amounts to $735 million (702 million euro).

The pre-feasibility study is based on a mineral reserve estimate of 6.6 million tonnes at 6.38 grams per tonne for 1.36 million contained gold ounces, DPM said, noting the mine's construction is planned to start in 2026 with the first production targeted for 2028.

The initial project capital costs for Coka Rakita stand at about $379 million, according to the pre-feasibility study.

In 2025, DPM budgeted between $23 million and $25 million for exploration activities in Serbia, it said in its 2024 annual financial statement earlier this month.

Along with the Coka Rakita project, DPM also owns the Timok gold project in Serbia, some 3 km northwest of Coka Rakita. The company has paused works on Timok to focus on Coka Rakita.

Elsewhere in the region, DPM also has assets in Bulgaria, including Chelopech gold-copper mine and Ada Tepe gold mine.

($ = 0.955 euro)

Brent crude has been hovering around $75 a barrel since the beginning of the month likely due to pending policy decisions that could shift price direction, according to Commerzbank Research. "Oil prices appear to have been 'frozen' [...] a number of decisions are pending that could drive the oil price in one direction or the other," says Barbara Lambrecht. Future price movements will depend on OPEC+'s output decision, negotiations to end the war in Ukraine, the U.S.'s stance on Iran and President Trump's plan to rebuild strategic reserves, the commodity analyst says. According to Commerzbank, OPEC+ will likely delay its planned oil output increase to ensure the market doesn't risk a significant supply surplus and prevent prices from declining in the course of the year. (giulia.petroni@wsj.com)