OVERVIEW
• There is supply out there – at a price.
COMMENTARY
NZUs closed firm at $31.
There appears to be ongoing concern about supply. The main point we would state here is do not rely on one source of supply – emitters should take a portfolio approach across all avenues open to them.
In our view – there is ample supply if you consider the following points:
• For 2020
- o $35 is the Fixed Price Option (FPO) for 2020. You should factor that into your calculations for 2020.
- o $31 clearly is not high enough at present.…
