New Abaxx exchange to launch nickel sulphate futures in Q1 2024

Abaxx Technologies

08/12/2023 13:26

By Eric Onstad
       LONDON, Dec 8 (Reuters) - A new Singapore-based
commodities exchange plans to launch trading in the next few
months in the world's first futures contract for nickel
sulphate, an executive told Reuters on Friday.
    The launch of the futures contract for a type of nickel used
in electric vehicle (EV) batteries was made possible after 
authorities in Singapore on Thursday granted approval for the
Abaxx exchange and clearing house.
    "First trade is now expected over the next few months," said
Josh Crumb, CEO of Canadian-listed Abaxx Technologies Inc
 ABXX.NLB , which owns the exchange.
    "We’re currently working with our clearing members and the
metal trading community to finalize a Q1 first trade date." 
    Abaxx executives told Reuters in October that in addition to
the initial three futures contracts in nickel sulphate,
liquefied natural gas (LNG) and carbon, the exchange aimed to
add contracts for other metals used in EV batteries.
    The new Abaxx nickel contract will be physically settled but
does not have a network of warehouses for delivery like dominant
metals market London Metal Exchange (LME).
    Instead, Abaxx futures contracts facilitate delivery
directly from seller to buyer.
    The existing nickel futures contracts on the LME and the
Shanghai Futures Exchange both trade in Class 1 refined nickel.

 (Reporting by Eric Onstad
Editing by Mark Potter)
 ((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Twitter https://twitter.com/reutersEricO;
 Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net))