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EU Carbon Pares Weekly Gain as Demand Slumps at German Auction

EU carbon prices dropped as demand fell in an auction of new allowances, paring a weekly gain spurred by speculation that European Union governments are nearing agreement on a proposal to boost prices.

December futures advanced 9.8 percent this week to close at 4.15 euros a ton on London’s ICE Futures Europe exchange. The gained as much as 15 percent yesterday after an EU presidency official said there’s growing support among member states for a plan that would enable delaying auctions of some carbon permits.

The benchmark contract fell 6.1 percent today after a German auction of spot permits got the lowest-ever volume of bids. Germany offered 5 million allowances and received bids for a little more than 6 million, giving a so-called cover ratio of 1.2, the lowest for any sale of Phase 3 permits.

“The German auction showed that genuine buyers are not in the market at the moment, and at these prices people are unwilling to enter long positions,” Milan Hudak, an analyst at Virtuse Energy sro in Prague, said today by e-mail. “The optimism of earlier in the week hit the wall of fundamentals and ongoing oversupply.”

United Nations Certified Emission Reductions for December dropped 3.1 percent this week to close at 31 euro cents a ton in London.

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