According to the Securities Times APP, on October 10th, the CME Group recently announced that it will launch the spodumene CIF China (Fastmarkets) futures contract on October 28, 2024, further expanding its battery metal product lineup. The contract is pending regulatory approval.

The CME Group stated that the spodumene CIF China (Fastmarkets) futures will be cash-settled, listed for trading on the COMEX in New York, and subject to its regulations. Fastmarkets is a trusted Price Reporting Agency (PRA) in agricultural, forest, metal, mining, and new energy markets.

"Our cobalt and lithium product series play an important role in the growing battery metal sector, with industry applications accelerating," said Jin Hennig, Global Head of Metal Products at CME Group. "With the launch of spodumene futures, we will enhance hedging capabilities, facilitating market management of price differentials between various products in the lithium value chain."

"Albemarle is pleased to see the launch of spodumene futures by the CME Group, which will help the lithium market effectively address evolving risk management needs," said Peter Hannah, Global Product Pricing Manager at Albemarle. "We recognize that confidence depends on trust in spot prices, and our bidding activity price discovery mechanism brings valuable transparency to the spot market, of which we are proud. The combination of high liquidity, robust spot and futures pricing mechanisms will support industry development."Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market."For all participants in the battery value chain, establishing a highly liquid and transparent lithium market is essential, and CME Group has been working towards this goal," said Grant Donald, Chief Business Officer of Liontown. "The rapid development of the clean energy market highlights the importance of a forward curve covering key materials across the entire supply chain for effective price risk management."

"Establishing a highly liquid and transparent lithium market is crucial for all participants in the battery value chain, and CME Group has always been working towards this goal," said Grant Donald, Chief Business Officer of Liontown. "The rapid development of the clean energy market highlights the importance of a forward curve covering key materials across the entire supply chain for effective price risk management."

"Cooperating with the Chicago Mercantile Exchange to launch spodumene futures contracts marks an important step for the lithium market." Raju Daswani, CEO of Fastmarkets, said, "This contract provides the industry with tools to manage spodumene prices and related profit margin risks, helping them anticipate arbitrage opportunities in lithium conversions themselves. We believe that this will have a positive impact on the liquidity of the entire battery raw materials futures market." He added.

It is reported that the Chicago Mercantile Exchange is the leading market for managing battery metal risks. The open interest of lithium hydroxide futures contracts has exceeded 0.03 million shares for the first time this year, and the contract period has been extended to the end of 2026. The open interest of cobalt metal futures contracts also remains strong, and the contract period has been extended to the end of 2028, providing necessary price transparency for the forward curve.