NZUs closed down 5 cents to $23.65.
All trading yesterday was at $23.65 – 280,000 tonnes worth. It was quite a performance given the volume and underscores the maturity of the market.
Our view, given the supply we are seeing coming into the market at this time of year, was that prices would dip further but we are holding. We see a few reasons for this.
At present, the May 2020 forward prices around $24.40 – a level that some emitters will deem attractive and that is driving some of the demand for spot. There are also a number of…