Abaxx to launch nickel sulphate contract on January 10

Abaxx Technologies Inc, 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, 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.

(By Pratima Desai; Editing by Louise Heavens)