Singapore's commodities exchange plans to launch a nickel contract for electric vehicles this year

A new Singapore-based commodities exchange plans to launch the world's first nickel futures contract for the booming electric vehicle (EV) sector by the end of 2023, a senior executive said on Thursday. Dan McElduff, president of strategy and development at Abaxx Commodity Exchange, told the media that the exchange is in the process of receiving final regulatory approval in Singapore, where it plans to launch nickel sulfate futures, the first such contract in the world.

Existing nickel futures contracts on the London Metal Exchange (LME) and the Shanghai Futures Exchange are both traded in primary refined nickel. Nickel sulfate is a form of nickel used in electric vehicle batteries, which are growing in importance.