CME Lithium Hydroxide Futures Curve Pushes Out to Early 2028

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: July 29, 2026

Key Moments

First-quarter 2028 strip trades in CME lithium hydroxide futures were executed, extending the contract’s forward curve.
Initial 2028 block trades were priced at $20.55 per kg and $20.50 per kg, covering a combined 213 tonnes of lithium hydroxide.
CME lithium hydroxide futures reached a record monthly volume of 19,590 tonnes in the first month of 2026, with 2026 volumes on track to match 2025.

First 2028 Block Trades in CME Lithium Hydroxide Futures

The CME lithium hydroxide futures curve has been extended following the first reported trades for first-quarter 2028 contract months.

The initial two transactions, both covering a strip across the first quarter of 2028, were arranged by Freight Investor Services (FIS), according to confirmation provided to Fastmarkets by the broker.

“It’s great to see FIS further advance the battery metals market and enable the opening up of volume into Cal-28 for the Lithium Hydroxide contract,” Anna Chadwick, head of battery metals at broker FIS, told Fastmarkets.

“This is a strong indicator of the confidence counterparties have in the contract as a liquidity tool to hedge and trade their long-term exposure. It also gives long-term project financing and offtake negotiations a more credible forward price reference,” Chadwick added.

Details of the First-Quarter 2028 Strip Trades

The first transaction involved a price of $20.55 per kg for a total of 90 tonnes of lithium hydroxide. The deal was executed on Tuesday and distributed as 30 tonnes for each month of the first quarter of 2028.

The second transaction was concluded at $20.50 per kg for 24 tonnes in total, also executed on Tuesday, with 8 tonnes allocated to each month of the first quarter of 2028.

Two additional first-quarter 2028 strip trades were also completed at $20.50 per kg. One of these trades covered 9 tonnes in total, with 3 tonnes for each month, while the other covered 90 tonnes in total, with 30 tonnes assigned to each month of the quarter.

Summary of Reported Q1 2028 Strip Trades

Trade	Price ($/kg)	Total Volume (tonnes)	Monthly Breakdown (tonnes)	Period
1	$20.55	90	30 per month	First quarter 2028
2	$20.50	24	8 per month	First quarter 2028
3	$20.50	9	3 per month	First quarter 2028
4	$20.50	90	30 per month	First quarter 2028

Understanding CME Block Trades

According to the CME, a block trade is defined as a privately negotiated futures, options or combination transaction that is allowed to be executed separately from the public auction market.

Rising Volumes in the CME Lithium Hydroxide Contract

The CME lithium hydroxide futures contract, introduced in 2021 and financially settled against Fastmarkets’ CIF China, Japan and South Korea (CJK) price assessment, has recorded notable increases in both trading volumes and open interest since 2023.

In the first month of 2026, the contract reached a record monthly volume of 19,590 tonnes. This compared with 17,013 tonnes traded in July 2025, which was the second-highest monthly total based on CME data.

As of July 27, 2026, cumulative trading volume in 2026 for the CME lithium hydroxide contract stood at 62,195 tonnes, indicating that full-year activity was on pace to match the 124,606 tonnes traded in 2025.

Spot Price Context and Methodology Changes

Fastmarkets’ daily assessment for lithium hydroxide monohydrate LiOH.H2O 56.5% LiOH min, battery grade, spot price cif China, Japan & Korea was reported at $16.50-21.00 per kg on Tuesday July 28. The range was unchanged from the previous day, but higher than the $16.20-20.90 per kg range recorded one week earlier.

Fastmarkets noted that it is implementing methodology changes to its benchmark assessments of the MB-LI-0033 lithium hydroxide monohydrate LiOH.H2O, 56.5% LiOH min, battery grade, spot price, cif China, Japan & Korea and the MB-LI-0029 lithium carbonate, 99.5% Li2CO3 min, battery grade, spot prices, cif China, Japan & Korea, effective Tuesday September 1, 2026.

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