The London Metal Exchange (LME) is exploring the possibility of introducing a nickel sulphate contract due to increasing demand for this material in electric vehicle (EV) batteries. Ivy Qi, an official from LME’s product development department, mentioned the ongoing market analysis and research on nickel sulphate, seeking input from the industry.
Nickel sulphate is a type of nickel specifically used in EV batteries, containing lower nickel content compared to the almost-pure nickel contract (Class 1 nickel) traded on the LME.As Indonesia becomes a prominent global producer of nickel products, the majority of the world’s supply comes in the form of lower-purity Class 2 nickel. The LME had expressed its readiness to launch Class 2 contracts if the market indicated interest, but feedback suggested limited appetite among participants.
Abaxx Commodities Exchange, a new Singapore-based exchange owned by Abaxx Technologies Inc, revealed plans in October to introduce the world’s first futures contract for nickel sulphate by the year-end. Futures contracts offer a convenient means for producers, industrial consumers, and investors to trade products while providing a hedging mechanism for price stability and financial planning.
The potential introduction of a nickel sulphate contract aligns with the growing significance of nickel in the context of electric mobility and battery technology.
Nickel sulphate is a type of nickel specifically used in EV batteries, containing lower nickel content compared to the almost-pure nickel contract (Class 1 nickel) traded on the LME.As Indonesia becomes a prominent global producer of nickel products, the majority of the world’s supply comes in the form of lower-purity Class 2 nickel. The LME had expressed its readiness to launch Class 2 contracts if the market indicated interest, but feedback suggested limited appetite among participants.
Abaxx Commodities Exchange, a new Singapore-based exchange owned by Abaxx Technologies Inc, revealed plans in October to introduce the world’s first futures contract for nickel sulphate by the year-end. Futures contracts offer a convenient means for producers, industrial consumers, and investors to trade products while providing a hedging mechanism for price stability and financial planning.
The potential introduction of a nickel sulphate contract aligns with the growing significance of nickel in the context of electric mobility and battery technology.
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