Adds detail and background

LAUSANNE, March 25 (Reuters) - Intercontinental Exchange ICE.N plans to launch derivatives in battery metals nickel, cobalt and lithium spodumene in London later this year, an executive said on Tuesday.

"Our customer base is looking to us to provide products to hedge. Our role is to make sure there's a broad product suite," Chris Rhodes, president of ICE Futures Europe, told the FT Global Commodities Summit in Lausanne, Switzerland.

"ICE are planning to launch battery raw materials this year, lithium and cobalt and spodumene will be the start of that."

Exchanges across the globe are seeking to capture strong expected growth in demand for minerals needed for electric vehicles and storage batteries.

The CME Group Inc CME.O and the London Metal Exchange $(LME.AU)$ offer futures in lithium and cobalt while the LME hosts the world's most active nickel contract.

China's Guangzhou Futures Exchange has seen strong growth in its lithium carbonate futures since their launch in July 2023, but there are hurdles for foreigners to participate.

Earlier this month, the Singapore-based Abaxx Commodities Exchange launched a lithium carbonate contract and in January it kicked off trading in nickel sulphate.

Last year, UK-based Global Commodities Holdings Ltd said it was working with ICE to create cash-settled derivatives contracts that can be settled and cleared centrally.

The LME is owned by Hong Kong Exchanges and Clearing Ltd 0388.HK.

(Reporting by Dmitry Zhdannikov, writing by Eric Onstad in London; Editing by Hugh Lawson and Aurora Ellis)

((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Twitter https://twitter.com/reutersEricO; Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net))