• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 2 days Once seen as fleeting, a new solar tech proves its lasting power
  • 6 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Why $5 Gasoline Won’t Cause A Recession

Why $5 Gasoline Won’t Cause A Recession

While high oil and gasoline…

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Ecuador’s already-struggling oil industry is…

Shell Warns Spare Oil Capacity Is Running Very Low

Shell Warns Spare Oil Capacity Is Running Very Low

Global spare capacity is running…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Premium Content

World’s Top Commodities Exchange To Launch Lithium Futures

Commodities exchange operator CME Group launched on Monday a futures contract for lithium, seeking to capitalize on growing demand for the key ingredient in the batteries that power electric vehicles (EVs) and high tech devices.

Five tonnes were traded at the Lithium Hydroxide CIF CJK on the first session at $14.25 per kg. The price is settled against Fastmarkets’ assessment for lithium hydroxide, which traded at $12.50-$13.50 per kg on April 29. That was 6% higher than the f $11.50-$13 per kg it traded a week earlier.

Fastmarkets’ price reflects the cost, insurance and freight (CIF) spot price in China, Japan and South Korea, where the majority of battery manufacturing capacity is concentrated today.

Allowing lithium to trade freely on an exchange is expected to make the price setting for lithium more transparent. Until now, market participants relied on assessments from commodities-data trackers such as Benchmark Mineral Intelligence, S&P Global Platts and Fastmarkets itself.

“Demand for key battery metals like Lithium and cobalt continues to accelerate as economies invest in lower carbon alternatives for the transportation sector,” Young-Jin Chang, Managing Director and Global Head of Metals at CME Group, said in a statement.

“CME Group is the destination for managing global metals risk, and the new lithium futures will provide our customers with another tool for managing the price risks associated with the manufacturing of electric vehicles.”

Choosing lithium hydroxide indicates that CME is betting on a shift by automakers toward longer-range batteries that harness the compound. Lithium carbonate, in contrast, is used in cheaper batteries.

The new lithium market comes as the International Energy Agency recently reported that 2.1 million electric vehicles were sold last year, up 40% from 2019 sales. Demand for EVs is expected to continue to grow, with many car manufacturers including General Motors, Mercedes Benz and Ford pledging to introduce new electric models over the next decade to help meet carbon-neutral targets.

By Mining.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News