The committee is made up of representatives of major lithium producers and consumers: Jaguar Land Rover, Albemarle Corp, Lithium Corp, Pilbara Minerals, Transamine Trading, BASF, Tianqi Lithium Australia, and Tesla.

The LME is planning to launch a lithium futures contract in response to demand for price transparency and liquidity.

Lithium demand is seeing long-term support from the electric vehicle industry, which is increasing the need for battery raw materials.

On June 10, the LME announced that it had selected Fastmarkets as its partner for developing a globally accepted lithium price to underpin a futures contract.
“As the lithium market grows, there is considerable demand for trusted and transparent prices and a liquid derivatives market,” the LME said.