NZUs closed down 20 cents on 70,000 tonnes to $23.70.
It’s a good correction which was driven by supply but there was demand to meet it. It wouldn’t surprise if we dropped a bit further but there is interest out there. If the May 2020 Forward prices significantly under the $25 CAP, which it starts to do from here, ($24.35 indicative yesterday) that spurns buying of Spot.
On the news front, it’s going to be relatively dearth for a while until we see ETS legislation come into parliament along with the ZCB. It is going to be an active 4th…
