11月10日，伦敦金属交易所突然决定将人民币从其金属交易的结算货币中移除。这个决定毫无预兆，没有提前通知，也没有缓冲期，甚至解释得非常敷衍， 市场一片哗然。作为全球有色金属定价的重要平台之一，LME的这一举动，显然不仅仅是运营调整，更像是在释放一种排他性信号。 虽然LME的官方解释说，人民币结算的使用率太低，但业内都明白，这根本不符合事实。近年来，随着"去美元化"趋势的加速，越来越多的中东、非洲等资 源出口大国开始倾向于使用人民币结算，尤其是在铜、铝等长期交货的金属交易中。数据显示，在中东地区，人民币结算的金属订单占比已经接近40%，非 洲的情况也类似。所以，声称人民币使用少，显然是站不住脚的。 更为关键的是，LME的这一决策并非孤立的"技术调整"，背后实际上是美国和西方国家战略的一部分。在过去两年，美国联手七国集团不断构建所谓的"关 键矿产联盟"，其目的非常明确——建立一个由美元主导的金属产业链闭环，涵盖资源开采、价格制定及金融结算。这次人民币被挤出去，实际上只是这个 链条中的又一个环节。 从另一个角度来看，美国也有着自身的焦虑。当前，美联储面临着高债务压力与经济增长乏力的双重困境。市场普遍预期美联储会在年 ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures closed mostly lower on November 12, 2023, with notable movements in various commodity prices [1] Group 1: Commodity Price Movements - Raw sugar futures increased by 2.25%, closing at 14.57 cents per pound [1] - Cotton futures decreased by 0.86%, closing at 64.82 cents per pound [1] - Cocoa futures fell by 3.12%, closing at $5,744.00 per ton [1] - Coffee futures dropped by 6.16%, closing at 374.70 cents per pound [1]

Core Viewpoint - The London Metal Exchange (LME) has announced that all metal futures trading must be settled in US dollars starting November 10, effectively suspending non-dollar denominated contracts, including those priced in Chinese yuan, raising questions about the underlying motives behind this decision [1][3][5]. Group 1: Market Dynamics - The trading volume of yuan-denominated copper futures reached 357,000 contracts in 2024, increasing to 482,000 contracts in the first half of 2025, indicating a growth of nearly 35%, contradicting LME's claim of "insufficient liquidity" [3]. - The LME's decision coincides with the US's plan to increase money supply and accelerate printing in December, suggesting a strategic move to maintain the dollar's dominance in the global commodities market [3][5]. - The LME, as a key platform for metal futures, has historically favored the dollar, despite the rising international status of the yuan [5][10]. Group 2: Geopolitical Implications - The suspension of yuan futures appears to be a measure to protect the dollar's hegemony amid China's growing influence in the global metal market [5][8]. - The US has formed a critical mineral alliance with several countries to stabilize supply chains for essential metals, aiming to tie these resources to the dollar, which is seen as a direct challenge to China's rising market power [8][10]. Group 3: Shift in Trading Preferences - The Shanghai Futures Exchange has been gaining prominence, with significant increases in trading volumes for metals like copper and aluminum, indicating a shift away from dollar-denominated transactions [12][14]. - Following the LME's announcement, trading volume for copper futures on the Shanghai Futures Exchange surged by 15%, demonstrating a preference for yuan settlements among global traders [12][19]. - Major international companies, including BMW and Volkswagen, have begun using yuan for metal transactions, reflecting a growing trend towards yuan settlements [14]. Group 4: Future Outlook - The rise of the yuan in metal trading is expected to lead to a dual pricing system where both the dollar and yuan coexist, enhancing market diversity and fairness [17][19]. - The promotion of digital yuan in countries like Indonesia, Chile, and Iran is laying the groundwork for further internationalization of the yuan, potentially reducing reliance on dollar settlements [16][19]. - The overall trend suggests that global capital is increasingly inclined towards markets that offer stable, transparent, and low-cost trading options, with yuan settlements becoming a significant choice [19].

Core Points - The China Securities Regulatory Commission (CSRC) has appointed Xiong Jun as the new Party Secretary of the Dalian Commodity Exchange (DCE) and nominated him as the candidate for the Chairman of the DCE Council, while Ran Hua has been relieved of his duties [1] - The DCE held its 66th meeting of the fourth council to elect Xiong Jun as the Chairman of the DCE [1] Organizational Structure - The DCE's council currently consists of 13 member directors and 3 non-member directors, with various specialized committees assisting the council in its operations [2] - The DCE has established 19 internal departments, including market supervision, financial, and legal affairs, and has set up an office in Singapore [2] Leadership Information - Xiong Jun has a background in regulatory roles, having served as the Deputy Director of the Futures Regulatory Department at the CSRC and as the Deputy Secretary and General Manager of the Zhengzhou Commodity Exchange [2]

不仅暂停人民币、欧元、日元、瑞士法郎等货币计价的金属期权交易，就连英国人自己的货币——英镑也被暂停，只有美元可以。这就是伦敦金属交易所 （LME）在近期发布的公告内容核心，高度舔美。 给出的理由看似合理，实质却很奇葩 当全球的交易员在11月初打开伦敦金属交易所（LME）的最新公告时，他们看到的不仅是一则业务调整通知，更像是一纸来自旧金融秩序的"最后通牒"。 这份注定将掀起波澜的声明宣布：自11月10日起，这家全球最大的有色金属交易中心将全面暂停所有非美元计价的金属期权交易。这意味着人民币、欧元、 日元乃至交易所所在地的本国货币——英镑。 都将从这一核心金融舞台上黯然离场，美元将成为铜、铝、锌、镍、铅等基本金属合约唯一被认可的计价和结算货币。 不仅如此，伦敦金属交易所还将这一堪称激进的举措披上了"市场化优化"的外衣，声称非美元合约长期成交低迷，维持运行的成本已高于收益。 这些鲜活的数字勾勒出一个与伦敦金属交易所论断截然相反的动态现实——非美元货币，特别是人民币，并非缺乏活力，反而正展现出蓬勃的生命力。 因此，分析人士普遍认为：这绝非一次简单的业务整合，而是一场精心策划的"金融围剿"。根本目的，在于利用伦敦金属交 ...

Group 1 - The core viewpoint is that the suspension of RMB futures trading on the London Metal Exchange is part of a strategic move to undermine the RMB's pricing power, coinciding with the U.S. government's upcoming quantitative easing policy and the formation of a key minerals alliance among ten countries [1][3][7] Group 2 - The U.S. economy is facing significant challenges, including government shutdowns affecting over 30 million people, large-scale layoffs in Wall Street and Silicon Valley, and liquidity issues in bank margin accounts, making quantitative easing a potential solution to reverse the situation [3][5] - The London Metal Exchange's sudden announcement to halt RMB and other non-USD currency futures trading cites "insufficient liquidity and low trading activity," despite data showing that RMB-denominated copper futures had an average daily trading volume of 357,000 contracts in 2024, increasing to 482,000 contracts in the first half of 2025, indicating that the liquidity claim is questionable [5][7] Group 3 - The U.S. aims to leverage quantitative easing to raise global metal prices and eliminate the RMB pricing system from the market, thereby reinforcing the dollar's dominance in key mineral pricing [7] - To counter this situation, it is crucial for major global buyers to reduce reliance on a single currency and actively promote a diversified currency settlement system, enhancing cooperation with other economies in key mineral sectors and exploring new pricing mechanisms [7]

Core Viewpoint - The London Metal Exchange (LME) is taking measures to restrict non-USD metal options trading starting November 10, 2025, due to concerns over the increasing influence of other currencies, particularly the Chinese yuan, in global commodity transactions [1][3]. Group 1: Market Stability and Regulatory Actions - The LME's decision to halt non-USD trading is framed as a move to stabilize the market, but it is widely understood to be a reaction to the growing use of the yuan in commodity pricing and settlement [3][4]. - The LME's actions are reminiscent of past market disruptions, such as the nickel market crisis caused by sanctions on Russia, which led to a temporary trading suspension and regulatory penalties [3]. Group 2: Impact of Currency on Commodity Trading - By 2024, 14.2% of global commodity transactions are expected to be settled in yuan, indicating a significant shift away from USD dominance [3]. - The LME's measures are seen as an attempt to maintain the USD's leading position in the face of increasing yuan adoption by global traders and manufacturers [3][4]. Group 3: Comparison with Other Exchanges - Other exchanges, such as the Shanghai Futures Exchange, Singapore SGX, and Dubai DXB, have adopted more flexible approaches, allowing the market to self-regulate rather than imposing strict trading restrictions [4]. - The LME's rigid approach is criticized as being out of touch with market dynamics, contrasting with the more adaptive strategies employed by other exchanges during past market fluctuations [4].

Core Viewpoint - LME will suspend trading of inactive non-USD options contracts starting November 10 as part of its options reform roadmap announced in early October [1] Group 1: Options Reform - The suspension targets non-USD options contracts that have shown no trading volume over the past few years [1] - The options reform roadmap includes automation of expiration processes, conversion of American options to European options, and electronic options quoted in premiums [1]

Group 1 - The U.S. government has added uranium, copper, and silver to its list of critical minerals, indicating an expansion of commodities deemed essential for the economy and national security [3] - The updated list from the U.S. Geological Survey also includes metallurgical coal, potash, rhenium, silicon, and lead, replacing the 2022 version [3] - This list will inform the Section 232 investigation announced by the Trump administration in April, which may lead to tariffs and trade restrictions on critical minerals and their derivatives [3] Group 2 - The U.S. government shutdown has entered its 37th day, with many federal employees facing unpaid status, and military personnel receiving only partial pay [3] - Senator John Kennedy has indicated that the shutdown may continue for some time and plans to propose a bill to suspend congressional salaries during the shutdown [3] Group 3 - Gold futures are currently trading at 918.68 yuan per gram, with a slight increase of 0.44%, reaching a high of 922.84 yuan and a low of 912.00 yuan [1] - Key resistance levels for gold futures are identified between 927 yuan and 1020 yuan per gram, while important support levels are between 896 yuan and 960 yuan per gram [4]

Core Viewpoint - The article highlights the fluctuations in gold and silver prices, with gold rebounding by 1.28% to $3982.32 per ounce, while silver saw a rise of 1.93% to $48.0704 per ounce, indicating a volatile market influenced by economic reports [1]. Price Movements - Spot gold experienced a rebound of 1.28%, reaching $3982.32 per ounce, before slightly declining to a daily low of $3929.93, followed by a sustained upward trend [1]. - COMEX gold futures increased by 0.81%, settling at $3992.60 per ounce [1]. - Spot silver rose by 1.93%, priced at $48.0704 per ounce, while COMEX silver futures gained 1.38%, reaching $47.945 per ounce [1]. - COMEX copper futures also saw an increase of 0.84%, priced at $4.99 [1]. Economic Indicators - The ADP employment report and the ISM non-manufacturing index did not significantly impact market volatility, suggesting that other factors may be influencing the current price movements in precious metals [1].