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Carbon market snapshot

28 Nov 2011 18:42:11 | edcm

Carbon prices bounced back on Monday, driven by positive sentiment because of a willingness to buy and a session of short-covering from traders that had oversold on Friday. The EUA Year 2011 opened above Friday's closing level of €7.60/tCO2e and rose to around €8.40/tCO2e during the early part of the day. "I think it was oversold last week and now it is rising because of a technical rebound," one trader said. However, despite the intra-session gains, the product eventually retraced its steps, losing half of its intra-session gains as a result of a weakening euro. Traders believed that despite the positive sentiment, the increases would be short-lived, because anticipation remains over the outcomes of the Durban conference.

CERs also experienced an uplift at the close posting gains averaging about €0.43/tCO2e.

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