London—EU carbon allowance prices surged above Eur21/mt Wednesday as a short-term halt to primary supply combined with bullish sentiment over the outlook for further lifting of government lockdowns in Europe. EU Allowance futures contracts for December 2020 delivery on the ICE Futures Europe exchange traded as high as Eur21.27/mt ($22.99/ mt), compared with Eur19.97/mt at the close Tuesday. “It seems that carbon is tracking stock markets and thus, as such, it can be said that the price action is Coronavirus recovery related,” said Louis Redshaw, managing director of carbon advisory company, Redshaw Advisors.
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