Tuesday witnessed quite big volatility in the morning hours of trading, which was driven by expectations of higher power prices, which in fact didnt materialize until today (Wednesday) midday.
Surpringly strong support above 6.70 on EUA Dec12 made us look with great caution on the short position. We decided to put a stop at the entry level, which was triggered today before lunch. The 6.90 level is being tested now as a support.
Meantime, Greece sold 1m EUA during its first auction this year reaching a clearing price of 6.76 EUR, which is slighlty above current spot market prices.