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LME launches six new contracts, including lithium and scrap aluminium

·1-min read
FILE PHOTO: Traders work on the floor of the London Metal Exchange

By Eric Onstad

LONDON (Reuters) - The London Metal Exchange (LME) launched six new cash-settled futures contracts on Monday, including for battery metal lithium and aluminium scrap.

The world's oldest and largest market for industrial metals hopes to attract new business from the global move to cut carbon emissions through electric vehicles and recycling.

"Our lithium and scrap contracts are the product of valuable engagement ... as we all seek to best support the growth of the circular and low-carbon economies," LME Chief Sustainability Officer Georgina Hallett said in a statement.

The aluminium scrap contract focuses on the North American used beverage can (UBC) market, while there is also an aluminium premium contract for Europe and three new steel contracts.

The LME, owned by Hong Kong Exchanges and Clearing Ltd, had delayed the launch of its lithium hydroxide and the five other new contracts from an original date of June 14.

Rival U.S. exchange CME Group launched a new lithium hydroxide contract on May 3.

The new LME futures contracts are based on prices from reporting agencies Fastmarkets, Argus and S&P Global Platts.

Details of the new contracts are below.

Contract Price Reporting RIC

Agency

Lithium Hydroxide Fastmarkets

Aluminium UBC Scrap Argus

Aluminium Premium Duty Fastmarkets

Paid European

Steel HRC NW Europe Argus

Steel Scrap CFR Taiwan Argus

Steel Scrap CFR India S&P Global Platts

(Reporting by Eric Onstad; Editing by David Goodman)

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