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Singapore Bourse Follows Global Rivals With EV Metals Futures
Singapore Bourse Follows Global Rivals With EV Metals Futures
$SGX (S68.SG)$ is set to launch its first lithium and cobalt contracts, adding to efforts by commodity exchanges to get battery materials companies and investors interested in using futures.
SGX is due to kick off trading in two lithium and two cobalt contracts on Monday. The London Metal Exchange and $CME Group (CME.US)$ already offer futures for both metals, although trading liquidity is still far below established commodities contracts.
Demand for battery minerals is expanding rapidly as the global auto industry accelerates a push toward electric vehicles, triggering big price swings. A global index of lithium prices has more than quadrupled in the past year, while Chinese lithium carbonate just hit a fresh record last week.
While unprecedented price spikes have sparked calls for greater transparency in pricing, analysts have pointed to hurdles for contracts to gain traction -- from the relative complexity of the markets, to a greater reliance on long-term supply deals that contrain spot trading.
"In the case of lithium, miners and lithium converters often tie their volumes to long-term contracts," said Leah Chen, analyst at S&P Global Commodity Insights. "Without the physical delivery of cargoes, it will be a paper market and there may be the risk of it falling into the space of speculation without providing the security from hedging."
The SGX is launching four contracts on Monday: battery-grade lithium carbonate and lithium hydroxide, plus cobalt metal and cobalt hydroxide. Open interest on both the CME and LME lithium hydroxide contracts was at zero as of Sept. 22.
As higher raw materials prices raise battery costs and threaten the pace of EV adoption, automakers and battery manufacturers have been trying to lock in future supplies of minerals amid fears of a deepening shortage. That includes offtake deals and multi-year supply partnerships between upstream and downstream companies.
"The benefit of this over futures contracts for miners is that it increasingly results in direct equity investment in extraction operations," said Martin Jackson, senior analyst at CRU Group. "As long as that spot market remains the minority of traded material, liquidity will limit the potential of futures trading."
$SGX (S68.SG)$ is set to launch its first lithium and cobalt contracts, adding to efforts by commodity exchanges to get battery materials companies and investors interested in using futures.
$新加坡交易所 (S68.SG)$该公司将推出首个锂和钴合约,进一步推动大宗商品交易所努力让电池材料公司和投资者对使用期货感兴趣。
SGX is due to kick off trading in two lithium and two cobalt contracts on Monday. The London Metal Exchange and $CME Group (CME.US)$ already offer futures for both metals, although trading liquidity is still far below established commodities contracts.
新交所定于周一启动两种锂和两种钴合约的交易。伦敦金属交易所和$芝加哥商品交易所 (CME.US)$已经提供了这两种金属的期货,尽管交易流动性仍远低于现有的大宗商品合约。
Demand for battery minerals is expanding rapidly as the global auto industry accelerates a push toward electric vehicles, triggering big price swings. A global index of lithium prices has more than quadrupled in the past year, while Chinese lithium carbonate just hit a fresh record last week.
随着全球汽车业加速推动电动汽车的发展,对电池矿物的需求正在迅速扩大,引发了价格的大幅波动。全球锂价格指数在过去一年里上涨了四倍多,而中国的碳酸锂上周刚刚创下新的纪录。
While unprecedented price spikes have sparked calls for greater transparency in pricing, analysts have pointed to hurdles for contracts to gain traction -- from the relative complexity of the markets, to a greater reliance on long-term supply deals that contrain spot trading.
虽然史无前例的价格飙升引发了要求提高定价透明度的呼声,但分析师指出了合约获得吸引力的障碍--从市场的相对复杂性,到更多地依赖长期供应协议,这削弱了现货交易。
"In the case of lithium, miners and lithium converters often tie their volumes to long-term contracts," said Leah Chen, analyst at S&P Global Commodity Insights. "Without the physical delivery of cargoes, it will be a paper market and there may be the risk of it falling into the space of speculation without providing the security from hedging."
标普全球大宗商品研究公司(S&P Global Commodity Insights)分析师Leah Chen表示:“就锂而言,矿商和锂冶炼厂的产量往往与长期合同挂钩。”“如果没有实货交割,这将是一个纸质市场,在没有提供对冲保障的情况下,可能会陷入投机空间。”
The SGX is launching four contracts on Monday: battery-grade lithium carbonate and lithium hydroxide, plus cobalt metal and cobalt hydroxide. Open interest on both the CME and LME lithium hydroxide contracts was at zero as of Sept. 22.
新加坡交易所周一将推出四种合约:电池级碳酸锂和氢氧化锂,以及金属钴和氢氧化钴。截至9月1日,CME和LME氢氧化锂合约的未平仓权益均为零。22.
As higher raw materials prices raise battery costs and threaten the pace of EV adoption, automakers and battery manufacturers have been trying to lock in future supplies of minerals amid fears of a deepening shortage. That includes offtake deals and multi-year supply partnerships between upstream and downstream companies.
随着原材料价格上涨提高了电池成本,并威胁到电动汽车的采用速度,汽车制造商和电池制造商一直在努力锁定未来的矿物供应,因为他们担心短缺加剧。这包括承购协议和上下游公司之间的多年供应合作伙伴关系。
"The benefit of this over futures contracts for miners is that it increasingly results in direct equity investment in extraction operations," said Martin Jackson, senior analyst at CRU Group. "As long as that spot market remains the minority of traded material, liquidity will limit the potential of futures trading."
CRU Group高级分析师马丁·杰克逊(Martin Jackson)表示:“与期货合约相比,这对矿商的好处是,它越来越多地导致对开采业务的直接股权投资。”“只要现货市场仍是交易材料中的少数,流动性就会限制期货交易的潜力。”
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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