European carbon prices jumped on Friday after Germany’s allowance auction cleared well above market.
Front-year EU Allowances trading on ICE Futures Europe climbed as high as €8.21, a daily gain of 8 cents or 1%, immediately following the auction.
Germany sold 3.198 million spot EUAs for €8.16 each, which was a cent above the Dec-15 futures and 3 cents above the secondary spot market at 0900 GMT, the time the auction’s bidding window closed.
The sale received bids for 12.577 million units to give a bid-to-cover ratio of 3.65, which is higher than the year-to-date average of 3.1 but below Thursday’s 2-week high of 4.13
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