Deutsche Bank has cut its end-2011 EU Allowance forecast by 29% from €17/mt CO2 to €12.00/mt, it said September 6. Bearish macro-economic data in the US and Europe have weighed heavily on market sentiment and pushed down carbon prices, the bank said. EU allowance prices fell to a two-year low of €10.70/mt C02 in August and stood at €12.42/mt September 5. "Given current market sentiment and the supply of Phase-3 EUAs to come over the 12-month period December 2011-December 2012, we are now more pessimistic on the time it will take for EUA prices to recover," Deutsche Bank analyst Isabelle Curien said in a note.
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