• NZUs weaken
• The government is going to blink on agriculture
Spot NZUs closed down 10 cents at $24.85 on moderate volume. The short term bias appears negative.
The reason for this potential negativity? Agriculture.
If the media is to be believed it appears that bringing in 5% of agricultural emissions for five years from 2021 (e.g. one twentieth or approximately 2 million tonnes per annum) is too much for the Coalition to agree on. If you listened closely to the Prime Minister talking at the General Assembly, it does appear the language is changing from…