Sponsored by First Majestic Silver

LME Halts Major Metals Trading

The London Metal Exchange, a cornerstone of global metals trading, suspended activity in major contracts including copper, aluminium, zinc, and tin on Monday due to an unspecified technical issue. The halt, which began around 1440 GMT, left prices unlisted on Bloomberg terminals and disrupted normal market operations.

A spokesperson for the LME confirmed the exchange is working urgently to resolve the problem. No unusual price fluctuations were observed prior to the suspension, suggesting the issue is operational rather than market-driven. The timing, close to the critical 1600-1700 GMT pricing window, has forced the LME to prepare for a backup pricing waterfall approach to determine closing prices.

This alternative method, while a contingency, is expected to trigger a pricing disruption event. Such a designation could impact contracts reliant on LME closing figures, potentially affecting hedging strategies and settlement processes for traders and producers worldwide.

You can read more on the matter here.

What’s going on?

• Iran War Sharpens Europe’s Renewable Energy Urgency — And Exposes Its Gas Vulnerability (theDeepDive)

• Canada's annual inflation rate fell to 1.8% in February, war's impact not yet reflected (CBC)

• Trump Threatens to Delay Beijing Summit Unless China Helps Reopen Strait of Hormuz (theDeepDive)

• Canada to release additional 140K barrels of oil per day starting in April (GN)

• Canada, Germany, Norway Break With Washington Over Russian Oil Sanctions Waiver (theDeepDive)

• Meta reportedly plans to cut at least 20% of its work force as it bets on AI (Globe)

• China Curbs Fertilizer Exports Amid Global Supply Crunch and Rising Prices (theDeepDive)

• OpenAI’s Bid to Allow X-Rated Talk Is Freaking Out Its Own Advisers (WSJ)

• Trump Expands Trade Investigations to Canada and 59 Other Countries in Post-SCOTUS Tariff Reset (theDeepDive)

What’s the latest?

• Real Estate: Canada’s housing starts rose 4.5% in February to a seasonally adjusted annual rate of 250,900 units (from 240,148 in January), while the six-month trend slipped 0.4% to 256,005. Actual starts in cities rose 10% year-over-year to 15,886 units, with Vancouver +60% and Montreal +18%, though Toronto fell 28%. Year-to-date starts reached 31,974 units (+5% YoY), but economists expect activity to cool due to high costs, weak population growth, and low pre-sales.

• Commodities: Middle East daily oil exports fell ~60–71% due to the U.S.–Iran war and the effective closure of the Strait of Hormuz, dropping from ~25–26M bpd in February to 7.5–9.7M bpd by March 15. The region normally accounts for ~36% of global seaborne oil exports, making it the largest supply disruption ever, with production cuts estimated at 7–10M bpd. Meanwhile, floating storage surged to 50M barrels (from ~10M pre-war) as shipments stalled and some Gulf ports faced drone attacks.

• Inflation: Canada’s inflation slowed to 1.8% YoY in February (from 2.3% in January), partly due to the ending impact of a 2025 tax holiday, while food inflation eased to 5.4% (from 7.3%) and beef prices rose 13.9% YoY. Economists warn inflation could rise to ~3% in coming months as the Middle East war drives oil and gasoline prices higher. The Bank of Canada (rate: 2.25%) is still expected to hold rates (~93% odds) despite recent job losses of 84,000 and rising unemployment to 6.7%.

• Crypto: Canadian authorities including the Ontario Securities Commission, OPP, and RCMP launched Operation Atlantic to combat global crypto fraud, targeting “approval phishing” scams that trick users into granting wallet access. The initiative involves international partners including the U.S. Secret Service, UK National Crime Agency, and UK Financial Conduct Authority to identify and notify victims. The effort builds on Project Atlas (2024), a Canadian-led operation against international crypto investment fraud networks.

• Tech: BCE (Bell) plans to invest $1.7B to build Canada’s largest purpose-built AI data centre in Regina, with 300 MW of power capacity and tenants CoreWeave and Cerebras. Including tenant hardware, the project could reach ~$12B in total investment, supporting ~800 construction jobs and ~80 permanent roles. The facility will support AI workloads and sovereign AI capacity for Canadian clients as part of Bell’s broader AI-driven enterprise growth strategy.

Why Uranium Companies Want to Be in the United States

The stock market and stuff

• Meta’s Flagship AI Model Delayed Again as Company Weighs Licensing Google’s Gemini (theDeepDive)

• South32 Shuts Mozambique Aluminum Smelter as Power Costs Surge (theDeepDive)

• Why traders are getting nervous about Iran’s $200 oil warning as the conflict drags on (CNBC)

• Canada’s Inflation Drops To 1.8% In February, But War-Driven Gas Price Spikes Loom (theDeepDive)

In the juniors

• First Phosphate Finalizes $16.7 Million Non-Repayable Funding From Government Of Canada (theDeepDive)

• Why Silver’s Move Is ‘Scary’ to Some Miners | Frank Basa (theDeepDive)

• Summit And Star Royalties To Merge In $184 Million Junior Sector Consolidation (theDeepDive)

• 1911 Gold: The Power Of A Mine Restart (theDeepDive)

FULL DISCLOSURE: First Majestic Silver is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver. The author has been compensated to cover First Majestic Silver on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.