Carbon Falls for First Time in Six Weeks as Traders Close Bets
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European Union carbon permits fell for the first time in six weeks as traders cut bets on higher prices after lawmakers agreed on a watered-down proposal to combat a surplus of allowances.
Permits for December declined 1.1 percent to close at 4.38 euros ($5.74) a metric ton on the ICE Futures Europe exchange in London. That’s the lowest since June 11 and took this week’s decline to 8.2 percent. The amount of outstanding contracts, or open interest, in the benchmark future has fallen 7 percent from a record on June 6.