Core Viewpoint - The decision by the London Metal Exchange (LME) to remove Renminbi (RMB) from futures trading is a strategic move aimed at undermining RMB's pricing power, coinciding with the upcoming U.S. quantitative easing policy and the formation of a key minerals alliance among ten countries [1][2]. Group 1: Pricing Power Dynamics - Pricing power in commodities is a tripartite structure involving trading rules, currency liquidity, and physical control [2]. - The LME's announcement to suspend all non-U.S. dollar-denominated metal options trading from November 10, 2025, significantly impacts RMB's role in international trading, effectively removing a key tool for risk hedging [2]. - The official reason of "insufficient liquidity" for this decision is questioned given the nearly threefold increase in average daily trading volume of RMB copper futures over the past three years [2]. Group 2: U.S. Monetary Policy and Global Impact - The Federal Reserve's upcoming quantitative easing, which includes lowering the federal funds rate and reinvesting up to $35 billion monthly in mortgage-backed securities, is expected to increase global dollar liquidity [3]. - This influx of liquidity may lead to significant price volatility in global commodity markets, compelling producers and consumers to rely more on the U.S. dollar for pricing [3]. - The removal of RMB tools from the LME will force global market participants to accept the pricing risks associated with the U.S. dollar, enhancing its influence over global resources [3]. Group 3: Strategic Resource Control - The formation of the "Ten Country Key Minerals Alliance," led by the U.S., aims to establish a supply chain for critical minerals like rare earths and lithium that does not depend on China by 2030 [4]. - This initiative targets China's reliance on imports for key resources, coinciding with the EU's policies to secure supply chains from mining to trade [4]. - China's recent discoveries of significant lithium resources and a 30% increase in domestic lithium production are efforts to enhance its supply chain autonomy amid this geopolitical struggle [4]. Group 4: Long-term Implications - The changes in LME rules, U.S. monetary policy, and the establishment of the minerals alliance collectively represent a systemic defense against the current pricing power structure [5]. - This silent competition will reshape the depth and breadth of RMB internationalization and alter global resource distribution and trade order over the coming decades [5].