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Nickel Sulphate Futures Debut in Singapore to Tap Growing Demand
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A nickel sulphate futures contract has been launched by Abaxx Exchange in Singapore to meet growing demand for battery ingredients and address price divergence between types of the metal.
Nickel sulphate is used to make batteries for electric vehicles, while the refined nickel that’s deliverable against London Metal Exchange contracts is mainly used for steelmaking. There have been calls from the industry for new pricing systems that could serve as an alternative to the LME ever since a massive short squeeze on the bourse in early 2022.