Beijing opens lithium futures to foreign traders to cement pricing power over US

AI Summary

China's Guangzhou Futures Exchange has begun allowing foreign traders to participate in lithium futures trading, reinforcing Beijing's control over global lithium pricing. This move is part of China's strategy to dominate the market for lithium, a critical commodity for electric vehicles and energy storage.

Beijing has unveiled new measures to keep its tight grip on lithium prices, in a move that may give it an edge over the US in the key material vital for electric vehicle and energy storage. Following mining endeavours worldwide to secure supplies, Chinese authorities announced they would allow offshore industrial players to trade lithium carbonate onshore to cement its pricing power. Effective July 3, the Guangzhou Futures Exchange, one of China’s major commodity bourses, began allowing miners,...