the LME still dictates base metal prices. The quotes are UK sterling back to US dollars. The actual bidding will always be cognisant of underlying currency movements.
Actual producers can hedge in whatever fashion they want these days into whatever currency they are most comfortable with.
They can also denominate long term contracts in currencies of their own choosing-the are no golden rules anymore, though custom and practice still uses US$ based on simplicity.
Bulk commodities such as iron ore and coal are even more flexible.
Furthermore you are now seeing oil producers in the Gulf now seeking Euro pricing per barrel.
The US$ is gonski, but given the above, any half decent financial controller can protect the house position. (Query-a lot of mining groups retain finance people of lesser quality IMO!)
Cheers,TAS
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