How has the Euro affected the LME?
LME trading is relatively unaffected by the Euro, in that all LME contracts are traded and quoted in US dollars. However, LME contracts can be cleared in currencies other than US dollars – namely the Euro, Japanese yen and pounds Sterling. The tonnages cleared in currencies other than US dollars are relatively small so the introduction of the Euro as a clearing currency has not been particularly significant. It has broadened the range of European customers able to use this facility.
