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Albemarle says won't participate in LME lithium contract

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SANTIAGO, June 11 (Reuters) - Albemarle Corp , the world's largest lithium producer, said on Tuesday it will not participate in the London Metal Exchange's plans to launch a new contract for the white metal.

"An exchange contract tends to support a commodity market, and that's not what we believe this (lithium market) is," David Ryan, Albemarle's head of corporate strategy and investor relations, told the Fastmarkets Lithium Supply and Markets Conference in Santiago.

The LME on Monday chose Fastmarkets to provide a reference price for the contract. (Reporting by Ernest Scheyder Editing by Chizu Nomiyama)

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