Krijg de laatse CO2 markt informatie via onze gratis wekelijkse nieuwsbrief
This newsletter was published 24.6.2020 at 18:49pm CEST
The current prices on the European carbon market are as follows:
EUA prices almost touched 2020 highs in a relentless rally. Speed and magnitude of the move from the March lows are almost a mirror image to the move from 2018, when prices gained nearly 80% in 3 months. The strong move is difficult to explain from a fundamental perspective but technical indicators have been bullish for weeks now. Since mid-May, the trend has been quite stable and pronounced. Many are asking when this trend will turn around, but by the looks of it, we are in a very strong bull market right now. Since we have breached so many resistances on the way, there is no reason to stop and reverse now. The trend will continue until it gets broken. This is an ambiguous statement but trying to call a top at this point seems to be futile. Even a weak auction result did not rattle the markets. Tuesday’s auction cleared at around 0.25 EUR discount to the secondary market but EUAs started to move back up only a minute after the result was published and settled near the daily highs. However, it is worth to be cautious in the next weeks. The big 2018 rally ended in a massive 30% drop in only 4 days. It is unlikely that the history will repeat identically but is important to remember that increased volatility generally works in both directions.
German power prices are up 2.10 EUR/MWh since last week, with the front year contract trading at 40.60 EUR/MWh. API2 coal prices have are up 2.30 USD/tonne since last week, with the Cal21 contract trading at 56.25 USD/tonne. EUR/USD is up by 50 points since last week and is currently trading at 1.1270.
In accordance with relevant legislation this communication is provided for informational purposes only and is not considered an investment research, financial analysis or other form of general recommendation relating to transactions in financial instruments. It is not an offer or a solicitation of an offer to buy or to sell any instruments or to participate in any trading strategy.
It is the responsibility of each interested party to make their own enquiries that the information provided is appropriate to their individual circumstances in addition to any legal, regulatory, tax or other implications for themselves or their business. The information is solely for your internal use and may not be issued as the basis of any product or reproduced, redistributed or transmitted in whole or in part in any form or by any means, electronic or mechanical, including photocopying or by any information storage or retrieval system without the prior express written consent of Belektron.Back