LONDON - European carbon futures rose more than five percent on Monday on firmer German power and crude oil prices, reversing three straight days of losses, traders said.
EU Allowances for delivery in December added 57 cents or 5.1 percent at 11.85 euros per ton at 1358 GMT.
Volume was a healthy 4,483 lots traded.
"German power prices are pretty strong and oil opened higher, so that's given commodities some momentum," one emissions trader said.
"There's nothing fundamental behind today's rise...carbon is lacking direction for the moment."
U.S. crude oil futures rose above $52 a barrel, supported by a weak dollar and stronger stock markets after the United States gave details on its plan to remove toxic assets from bank balance sheets.
German Cal '10 baseload power rose 1.40 euros to 50.35 euros per megawatt hour, the highest since February 10.
Benchmark EUAs touched a two-month high of 13.04 euros last Wednesday, but lost 13.5 percent late last week on profit taking, traders said.
U.N.-approved CER offsets traded on the European Climate Exchange added 5 cents or 4.9 percent at 10.70 euros a ton on light volume of 53 lots.
Rising carbon prices have boosted shares in clean energy project developers.
EU Allowances for delivery in December added 57 cents or 5.1 percent at 11.85 euros per ton at 1358 GMT.
Volume was a healthy 4,483 lots traded.
"German power prices are pretty strong and oil opened higher, so that's given commodities some momentum," one emissions trader said.
"There's nothing fundamental behind today's rise...carbon is lacking direction for the moment."
U.S. crude oil futures rose above $52 a barrel, supported by a weak dollar and stronger stock markets after the United States gave details on its plan to remove toxic assets from bank balance sheets.
German Cal '10 baseload power rose 1.40 euros to 50.35 euros per megawatt hour, the highest since February 10.
Benchmark EUAs touched a two-month high of 13.04 euros last Wednesday, but lost 13.5 percent late last week on profit taking, traders said.
U.N.-approved CER offsets traded on the European Climate Exchange added 5 cents or 4.9 percent at 10.70 euros a ton on light volume of 53 lots.
Rising carbon prices have boosted shares in clean energy project developers.
