Point Carbon

摘要

The price of European carbon allowances for next-year delivery saw a small decline over the week, as traders turned their attention to the far end of the curve. The benchmark December 2008 contract closed at 21.50 euros, down 0.10 euros from seven days ago, after peaking at 21.90 euros on 28 September. The market was reluctant to take major new positions in the 2008 contract, but trading was brisk in inter-year spreads and there was a flurry of deals in the December 2012 contract. The spreads between the December forward contracts are still below the cost of carry, which some traders put at between -0.70 euros and -1.00 euros. The 2008/2009 spread widened 0.15 euros over the week to -0.60 euros, suggesting the market has placed a higher value on EUAs that are delivered later in the second phase of the EU ETS.