上周，伦敦金属交易所(LME)全面暂停所有非美元计价的金属期权交易。此举犹如投入平静湖面的 巨石，在全球市场激起层层波澜。这折射出当前单一货币和单一市场的国际定价体系存在脆弱性。 LME的决定虽然引起市场短期震荡，但是带来了推动全球金属交易格局走向新平衡的契机。 11月3日，LME发布公告称，由于欧元、人民币等非美元计价的金属期权合约"长期缺乏流动性， 维持成本高于收益"，决定从11月10日起，全面暂停所有非美元计价的金属期权交易。LME表示此举属 于"商业优化行为"，但是有分析指出，这一解释难以完全成立。以人民币为例，近年来人民币计价金属 期权成交量大幅上涨，上海期货交易所的人民币铜期货持仓量稳居全球前列。因此，在这场看似技术性 调整的背后，全球金属交易格局调整的序幕缓缓揭开。11月10日该公告落地后两个小时内，上海期货交 易所夜盘金属合约全线涨停，而LME美元计价合约却罕见跌停，两地价差创下1987年以来最高纪录。 这反映出市场心态发生的微妙变化。 LME的有关举措背景复杂。一方面，美元体系正面临前所未有的挑战。美国联邦债务规模已经突 破38万亿美元，美债的实际收益率已难以覆盖主要持有国的通胀成本，这从根 ...

Core Viewpoint - The London Metal Exchange (LME) has decided to suspend all non-USD denominated metal options trading, reflecting the fragility of the current international pricing system dominated by a single currency and market [1][2]. Group 1: LME's Decision and Market Impact - The LME's announcement on November 3 indicated that non-USD denominated metal options contracts had "long-term lack of liquidity," leading to the suspension effective November 10 [1]. - Following the announcement, there was a significant market reaction, with Shanghai Futures Exchange's metal contracts hitting the limit up, while LME's USD contracts faced a rare limit down, creating the largest price differential since 1987 [1][3]. Group 2: Background and Challenges to the USD System - The USD system is facing unprecedented challenges, with U.S. federal debt surpassing $38 trillion and real yields on U.S. Treasuries failing to cover inflation costs for major holders [2]. - There is a noticeable trend of foreign central banks diversifying their reserve assets, reflecting a decline in confidence in the USD [2]. - The U.S. is also pushing for a "critical minerals alliance" among G7 countries and others, aiming to reinforce the USD's dominance in metal pricing [2]. Group 3: Implications for Global Metal Trading - The LME's actions may strengthen the USD's position in the short term but also accelerate the fragmentation of the global metal trading system [3]. - Companies in Europe and Asia will face increased currency risk and transaction costs due to the loss of non-USD hedging tools [3]. - There are signs of capital shifting towards regional platforms like Shanghai and Dubai, indicating a potential reallocation of global liquidity [3]. Group 4: Opportunities for Chinese Enterprises - The LME's announcement presents both challenges and opportunities for Chinese enterprises, with potential short-term pressures on hedging tools and costs [3]. - China's significant consumption of copper and control over a large share of electrolytic aluminum production positions it to gain more pricing power in the long term [3]. - The development of financial infrastructure and initiatives like the Belt and Road Initiative may enable China to establish a more autonomous pricing system [3]. Group 5: Historical Context and Future Outlook - Historical instances of enforced currency unification have often led to unintended consequences, suggesting that the current overemphasis on the USD may generate strong demand for alternatives [4]. - The transformation of the global metal trading system will require a deep coupling with the real economy to achieve a new balance [4].