Skrýt nabídku
Česky | English

EU carbon climbs 5 percent at start of 2010 trade

 

LONDON (Reuters) - European Union carbon emissions futures climbed five percent at the start of 2010 trade on Monday, after closing 21 percent lower at the end of 2009 versus the previous year.

EU Allowances for December delivery gained 60 cents or 4.79 percent to 13.13 euros ($18.78) a tonne at 1120 GMT, with light volume at 1,500 lots traded.

EUAs rose to a high of 13.19 euros in morning trade -- levels not seen since December 21.

"Crude oil is above $80 a barrel and natural gas is up," an emissions trader said, explaining why EUA prices had risen.

British gas prices jumped on Monday as cold weather raised heating demand and Norwegian supply was slow following a leak. [nLDE6030P6] Gas for Tuesday rose 4 percent to 39.50 pence per therm.

U.S. crude oil rose to $81 a barrel on Monday, the highest in more than two months, on news that Russia has halted oil supplies to Belarus and on cold weather in the United States.

German Calendar 2011 baseload power on the EEX rose 2.35 percent to 52.75 euros per megawatt hour.

However, traders and analysts widely expect EUAs to fall in early 2010 due to industrial selling, adding to losses made in December after a U.N. climate summit in Copenhagen failed to agree a legally binding successor to the Kyoto Protocol.

"We expect an average price in the Jan-March quarter of 12.50 euros with a low of around 10.80," said Jean-Francois Cauvet at Paris-based COER2.

Industrial firms should now have calculated their emissions output for 2009 and will have a better idea now of how many surplus EUAs they can dispose of this year, traders said.

For an updated price forecast poll, click on

If heavy selling materializes, it could weigh on prices.

U.N.-backed certified emissions reductions rose 46 cents or 4.19 percent to 11.44 euros a tonne. The EUA-CER spread was at 1.69 euros.

5.1.2010 - Simona Dobisová ; Read: 368 x