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Carbon Permits Fall to Record as EU Discusses Plan to Fix Glut

European Union carbon permits for December fell to a record on speculation that a plan to remove supply may not win support.

The benchmark futures contract dropped 3.9 percent to close at 5.72 euros ($7.49) a metric ton, the lowest since it started trading in April 2005 on London’s ICE Futures Europe exchange. Certified Emission Reduction credits for December fell as much as 11 percent to a record 57 cents in intraday trade. Emission Reduction Units for December dropped as much as 17 percent to a record 34 cents.