Nina Chestney

European carbon emissions futures were still stuck in range-bound trade on Thursday, without much movement in either direction, traders said

LONDON, UK; July 27, 2009.- Benchmark EU Allowances edged up 1 cent or 0.07 percent to 14.40 euros a ton at 1350 GMT. Volume was at 2,666 lots traded.

EUA prices have been trading around 14.20-14.60 euros this week. Financial institutions were buying EUAs earlier, with utilities and industrial companies hanging in the wings waiting to take profit when levels got too high, traders said.

"The contract is not going to stay so long in this range. Something has to happen: technical signals or fundamentals will change. There is a decrease on open interest and in my opinion the contract is losing its upside stream day by day," a carbon trader said.

Traders said the French and Romanian registries were down but could not say whether this was a temporary measure.

Oil eased below $65 a barrel on Thursday, while German Cal '10 baseload power was up 29 cents or 0.59 percent at 49.19 euros per megawatt hour.

Kyoto-backed certified emissions reductions (CERs) were down 2 cents or 0.16 percent at 12.80 euros a ton. The EUA-CER spread widened to 1.60 euros.

(Reuters)

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