(Montel) Europe’s benchmark carbon contract dropped to a one-week low on Wednesday amid rising supply and a weak technical picture, with EUR 80/t now seen as the next support level.
The Dec 23 EUA last traded down EUR 0.90 at EUR 82.02/t on Ice Endex. Earlier, it hit EUR 81.60/t, its lowest since 20 September.
“The EUA price is in a downward trend,” said LSEG senior carbon analyst Yan Qin. “It is under the pressure from high auction supply and profit-taking following Monday’s expiry of September EUA futures.”
She also pointed to poor auction results this week that…