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SINGAPORE, Nov. 6, 2024 /PRNewswire/ -- Straits Financial Services Pte Ltd (SFSPL) has successfully participated in the launch of CME Group's Spodumene CIF China (Fastmarkets) Futures. The launch of Spodumene futures is due to the rising global demand for lithium, which has emerged as an indispensable mineral for the electrical vehicle (EV) and renewable energy sectors. SFSPL continues to lead in promoting key and innovative contracts to support the financial and commodity derivative markets, providing global access with a local perspective.
"The launch of Spodumene futures is the latest milestone in the growth of the battery sector and we are pleased to be one of the first participants into these markets," highlighted Mr Roger Quek, Chief Executive Officer and Managing Director of Straits Financial Services Pte Ltd. "Our clients continue to seek exposure to essential raw materials in the energy transition and CME Group's suite of products provide the most liquid and efficient way to access these markets today."
Spodumene futures will serve as a critical price risk management tool, enabling market participants to hedge against fluctuating prices or diversify their portfolios with one of the most vital raw materials in the energy transition.
"As one of the leading commodity traders in the industrial metals space, we are pleased to be one of the first to trade the Spodumene futures," said Ms Amanda Xiong, General Manager at Wooray Commodities Pte Ltd. "Battery fabrication is rapidly growing and having access to CME Group's suite of lithium products will provide additional capabilities for our clients."
Given the current dynamics of the global economy, as markets continue to evolve rapidly, with shifting regulatory environments, emerging technologies, and increasing investor sophistication, trading participation like this can serve as a critical factor in maintaining stability and confidence.
Straits Financial Services Pte Ltd
At Straits Financial Services Pte Ltd, we distinguish ourselves by promoting key and innovative contracts to support the financial and commodity derivative markets as well as providing products and services to fulfill the needs of every trader. With a strong presence in Asia and a deep understanding of the global markets, we provide value to our clients by enabling global access with a local perspective. Straits Financial Services Pte Ltd provides a fully-integrated service for our clients to access the financial and commodity derivative markets and we strive to build lasting relationships with our clients.
Wooray Commodities Pte Ltd
Wooray Commodities Pte Ltd is a leading commodity trader in the non-ferrous metals industry. Wooray Commodities is headquartered in Shanghai Non-Ferrous Metals Trading Centre, specializes in commodity trade and spot trading, occupies a leading position in the domestic commodity industry, and has won the title of "quality trader" in China's non-ferrous metals industry for many years in a row.
This document is issued for information purposes only. This document is not intended and should not under any circumstances to be construed as an offer or solicitation to buy or sell, nor financial advice or recommendation in relation to any capital market product. All the information contained herein is based on publicly available information and has been obtained from sources that Straits Financial believes to be reliable and correct at the time of publishing this document. Straits Financial Services Pte Ltd will not be liable for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information. Past performance or historical record of futures contracts, derivatives contracts, and commodities is not indicative of the future performance. The information in this document is subject to change without notice.