China’s quest for lithium pricing power

China has opened its lithium futures to foreign traders, but becoming a global benchmark is harder for China.

The Economist recently argued that the price of a liquid asset is, in effect, “the closest thing there is to the distilled judgement of humanity” — incorporating information from countless individuals, from amateurs to professional traders.

But China’s commodity futures are a unique case.

While they are highly liquid, China’s capital controls mean they …