Derivatives marketplace CME Group said it would launch a lithium carbonate futures contract on 17 July 2023, pending regulatory reviews.

Lithium Carbonate futures are complementary to the group's lithium hydroxide CIF CJK (Fastmarkets) futures, offering market participants more transparency and choice for their different battery chemistry preferences.

Jin Chang, managing director and global head of metals, said: "As electric vehicle sales continue to surge, we are pleased to introduce a second lithium futures contract which will provide market participants with more tools to manage price risk across a variety of raw battery materials.

"[We] first entered the battery metals sector just a few years ago and have quickly become the venue of choice for managing EV risk. Open interest in our cobalt contract recently hit a record of over 20,000 tons, and trading in our lithium hydroxide contract has already surpassed full year 2022 volume with over 2,000 tons traded year to date, versus 400 tons last year."

The group offers risk management products across a range of electric vehicle components, including battery metals such as copper, aluminium and steel.