By Alessandro Vitelli (Montel) See the full article here
CARBON – EUAs set to extend bullish trend in near term
EUAs are likely to test higher levels over the coming week as traders ignore recent bearish fundamental news, sources said on Friday.
After briefly rising above EUR 28/t earlier in the week to a near one-year high, carbon dipped back to the EUR 27/t level, with the benchmark Dec 20 contract last traded 0.1% higher at EUR 27.40/t on Ice Futures.
Several sources said the upward price trend was still in place and showed no sign of slowing.
“Prices tried to go lower on several occasions in June and even this week but every time there are tentative signs of a pullback it gets squashed,” said Tom Lord of Redshaw Advisors.
“We’re not setting new highs now but there are still no concrete signs that the gains are over.”