The London Metal Exchange (LME) suddenly announced a shocking decision: all non-US dollar denominated metal Options trading will be suspended effective immediately. No warning, no grace period, this exchange with a 147-year history has pushed the US dollar to the position of the only Settlement currency.

Looking back three years, the trading volume of RMB-denominated metal options was still negligible. But by the first half of 2025, this number had increased eightfold—copper futures trading volume surpassed 480,000 contracts, with over 30% of long-term contracts in the Middle East and Russia priced in RMB. To some extent, the foundation of the traditional financial order is loosening.

Two hours after the ban was announced, the copper contracts at the Shanghai Futures Exchange directly hit the upper limit. The price difference between London copper and Shanghai copper instantly widened to $423 per ton—an unprecedented gap in 38 years. Mining giants from Chile and Peru quickly adjusted their strategies, incorporating Renminbi clauses into newly signed supply contracts; Dubai even took the lead, announcing the launch of Renminbi copper futures in 2026.

On one side, traditional financial centers are trying to lock in rules through administrative means, while on the other side, emerging markets are voting with real actions. This silent battle over the pricing power of bulk commodities is quietly rewriting the underlying logic of global trade. For investors focused on BTC and ETH, these subtle changes in the currency system may be more worthy of long-term tracking than technical indicators.