The Chicago Mercantile Exchange (CME) Group announced plans to launch a China spodumene concentrate futures contract on October 28, 2024, pending regulatory approval. This new contract will complement existing lithium futures products, enhancing hedging capabilities in the rapidly evolving battery metals market. Industry leaders, including US lithium company Albemarle, have expressed support for the initiative, emphasizing its importance for risk management and price transparency. CME Group claims to be the leading marketplace for managing battery metals risk, with open interest in lithium hydroxide futures surpassing 30,000 contracts this year.