Carbon market snapshot

28 Jan 2011 18:36:46

EUA contracts held their ground on Friday, closing flat day on day. After the flurry of excitement on Thursday when the front year rose to a seven-week high, traders said they were now playing a waiting game. "I think we will hover between €14.75-14.85/tCO2e for the next few sessions," one trader said, keen nonetheless for a bit more volatility. Another trader said the market was focused on technicals over the session, as opposed to fundamentals.

A rise in open interest of late on the EUA Dec '11 contract triggered speculation over utilities changing their buying strategies. One market participant suggested some natural shorts were becoming more savvy and less predictable in their buying strategies, "looking to go long on dips". The CER-EUA 2011 spread was stable at around €3.50/tCO2e.

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