Latest News

ICE, the parent company of NYSE, plans to introduce battery metals as derivatives in 2019.

An executive at Intercontinental Exchange said that the exchange plans to launch derivatives for battery metals Nickel, Cobalt, and Lithium Spodumene later this year in London.

"Our customers are looking to us for products to hedge." "Our role is to ensure that there is a broad range of products," Chris Rhodes said at the FT Global Commodities Summit held in Lausanne, Switzerland.

The launch of battery raw materials will begin this year with lithium, cobalt and spodumene.

The global exchanges are attempting to capitalize on the expected strong growth in demand of minerals required for electric vehicles and batteries.

The London Metal Exchange (LME), CME Group Inc., and the London Metal Exchange offer futures contracts in cobalt and lithium.

Since its launch in July 20,23, the Guangzhou Futures Exchange in China has seen a strong increase in its Lithium Carbonate Futures. However, foreigners are not allowed to participate.

The Singapore-based Abaxx Commodities Exchange began trading nickel sulphate in January and a contract for lithium carbonate earlier this month.

Global Commodities Holdings Ltd, a UK-based company, announced last year that it would be working with ICE on creating cash-settled contracts for derivatives that could be settled and cleared centrally.

Hong Kong Exchanges and Clearing Ltd owns the LME. Dmitry Zhdannikov reports, Eric Onstad writes in London and Hugh Lawson edits.

(source: Reuters)