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LONDON (Reuters) - European carbon prices fell back from a new 17-month high on Tuesday, following 17 month highs, as some traders considered the market had raced too high.

EU Allowances futures for delivery in December climbed as high as 16.73 euros a tonne -- its highest level since November 19 2008 -- before falling back to 16.37 euros at 06.50 GMT, down 15 cents or 1 percent on the day.

"The market's as strong as an ox at the moment," one trader said, adding that he felt benchmark prices may have raced too fast through the 16 euro level and 2009 highs.

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