Abaxx to launch nickel sulphate contract on January 10

Abaxx Technologies

18/12/2024 13:11

LONDON, Dec 18 (Reuters) - Abaxx Technologies Inc
 AXBB.NLB , which owns a Singapore-based commodities exchange,
will launch nickel sulphate futures on Jan. 10 next year, the
first of its battery metal products, the company said in a
release.
    Nickel sulphate is used in the cathode component of the
lithium-ion batteries used for electric vehicles, a key plank of
the energy transition, which also includes renewable energy.
    Canada-listed Abaxx delayed the launch of the nickel
sulphate contract after BHP's  BHP.AX , which had backed the
initiative, announced the suspension of its Kwinana nickel
sulphate refinery and other facilities in Western Australia.
    "Participants in the global nickel market are seeking better
pricing solutions that can encompass refined metal and new
streams of nickel products flowing into the fast-growing
electric vehicle battery sector," Abaxx said in a statement.
    "A physically-settled nickel sulphate contract, rather than
a contract for Class 1 refined nickel, can better capture the
fastest-growing segment of the global market."
    The nickel sulphate contract will be priced in dollars and
physically deliverable in Singapore.

 (Reporting by Pratima Desai; Editing by Louise Heavens)
 ((pratima.desai@thomsonreuters.com; +44 207 513 5681))