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EU carbon at 4-month low on UK gas, spec selling

Tue, 07/27/2010 - 7:25am
Reuters

LONDON (Reuters) - European carbon emission futures dropped to a four-month low on Tuesday as weak energy prices prompted speculators to use technical levels to drive selling, traders said.

EU Allowances for December delivery fell 5 cents or 0.37 percent to 13.48 euros ($17.40) a tonne at 0713 GMT. They fell to an intra-day low of 13.36 euros in opening trade, their lowest level since April 6.

The prospect of a well-supplied gas market in September is dragging the market down, traders said.

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