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Carbon prices firmed across the board on Wednesday
Carbon prices firmed across the board on Wednesday
Date: July 29, 2010
Source: London (CarbonDesk)
Market Commentary
Bloomberg: CRDK <GO>
Wednesday, 28 July 2010
EUAspot
13.66
UP +0.29%
EUA10
13.76
UP +0.29%
CERspot
11.70
UP +0.26%
CER10
11.64
UP +0.17%
Commodity
Price
Change
Brent Crude ($)
76.06
-0.09%
German Power (€)
49.54
0.47%
Natural Gas (GBp)
40.28
1.47%
Coal (€)
97.19
-0.11%
EUA
Carbon prices firmed across the board on Wednesday as EUA contracts continued to take direction from a mildly positive energy complex. After closing above €13.70 on Tuesday afternoon, the Dec10 EUA contract seemed to find support at €13.60 and for most of the day traded in a €0.75 range. Although the usual bounce in the last hour of trading took place, it appeared to be due to carbon following oil prices in an absence of specific news. The remainder of the energy complex saw the 2011 German baseload contract advance 0.47% while front month UK natural gas rose 1.47% to rise back above 40p/therm. Volumes on the ECX continue to slip with only 12,924 EUA contracts trading.
ECX Market Data
Delivery
Open
High
Low
Close
Change
Vol ('000)
EUAspot
13.67
13.67
13.54
13.66
+0.29%
368
EUA10
13.61
13.84
13.60
13.76
+0.29%
9,687
EUA11
14.02
14.13
13.92
14.08
+0.28%
1,232
EUA12
14.63
14.63
14.47
14.64
+0.34%
1,464
EUA13
15.60
15.66
15.54
15.72
+0.32%
173
Total
12,924
* NOM (Nil on Market)
Other Market Data
Price
Change
Vol ('000)
EEX (EUA10)
13.77
0.44%
0
NordPool (EUA10)
13.75
0.36%
0
Bluenext (EUA Spot)
13.64
0.22%
455
CER
Although CER prices advanced alongside EUAs, they didn't display quite as much strength which resulted in the Dec10 spread widening to -€2.12 and the Dec12 spread widening to -€3.20. Volumes reflected the decline seen in the EUA market with only 1,118 CER contracts changing hands on the ECX. China has announced that it may consider capping its coal production as a step towards improving its carbon intensity over the coming years while nineteen Chinese CDM projects with the potential to produce 6.1 million CERs are being scrutinised by the CDM EB this week.
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