Singapore Exchange launches EV metal trading.
[Financial Channel/Comprehensive Report] Singapore Exchange (SGX) will launch its first lithium and cobalt contracts, increasing the interest of battery material companies and investors in using futures.
SGX is scheduled to start trading lithium and cobalt on Monday (26th), and the London Metal Exchange and CME Group already offer futures for both metals.
Demand for the battery mineral is expanding rapidly as the global auto industry accelerates its push for electric vehicles, triggering wild price swings that have more than tripled the global lithium price index over the past year.
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Automakers and battery makers have struggled to lock in future mineral supplies amid fears of worsening shortages as rising raw material prices raise battery costs and threaten the speed of electric vehicle adoption.
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