Monday, September 26, 2011

Closing Bell - already a bargain ?

Carbon traded lower, especially towards the end of the session, testing 10.70 EUR - levels which were last seen at the beginning of August. It followed the "ups and downs" in the EURUSD, but didnt take any upside direction from oil, when it recovered from the lows of 78 USD to trade slightly above 80 USD. Initial optimism in the stock market was short-lived as well.

The market continues to be volatile, there can be some rebound and positive days, as the downtrend which we are seeing since 16 September, in the eyes of some trades could have led to a point where the current EUA price is a bargain for them and they will come in and buy it. However until the situation with Greece being given more money or they default is clear - it will be difficult to see any real signs of recovery.

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