Southern Copper Corp

Copper prices reached a new all-time high of $14,533 per metric ton, yet a 131,000-ton surplus complicates the rally. Regional shortages and tariff uncertainty are key drivers.

Copper prices remain near record highs as U.S. tariffs drive massive stockpiling on COMEX, while global supplies tighten. LME stocks hit lows, highlighting regional imbalances.

COMEX copper surged to a record $6.7115/lb, while U.S. tariffs kept 675,185 tons in domestic warehouses, tightening global availability.

Global markets reach new peaks on AI optimism, but economist Paul Sheard cautions that high valuations and concentration risk a severe correction.

The STB accepted Union Pacific and Norfolk Southern's revised merger filing but paused the case, demanding more information by July 27. Shares fell 4.2% and 5.4%.

Union Pacific may drop its $85 billion Norfolk Southern merger if regulators require major line sales or trackage rights. The STB is reviewing the revised application.

Norfolk Southern reported a 27% drop in Q1 net income to $547 million, weighed by higher fuel costs and merger expenses. Shares slipped 0.5% as investors focused on cost pressures and weak freight volumes.