EUA Carbon Prices Rally

European Union (EU)A [carbon] prices have enjoyed a strong rally in recent days. The Dec09 contract is now nearing €15.00 ($22) having traded at only €12.50 last week. Many reasons have been cited for this price climb including optimism in relation to the outcome of the Climate Summit in Copenhagen and the strong employment data from the US last week that may indicate that the end of recession is nearer than we imagined.   The truth of the matter is that the price is being driven primarily by the options market. There is a great deal of open...

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