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Over 700 million tonnes traded on ECX during April to take Year-to-Date trading over the 2 billion tonne mark and establish a new all time high monthly record. 738,391 contracts traded across all products, up 54% from March with an average of 36,920 lots per day. April 27th set a new high for a single trading day with 52,071 lots.
Overall record month for EUA products:
- EUA Futures: Increased volatility and a general firming of prices contributed to a rise in EUA Futures screen volume; average daily volume for screen Dec 10 EUAs was 14,087 contracts. See chart 5
- EUA Options: A total of 111,721 EUA Options contracts were cleared on ECX – activity was concentrated in the Dec10 (90%) with the majority of these being calls (69%)
- EUA Daily Futures: The final month of true-up for 2009 EU ETS compliance drove strong activity in the Daily contracts with Average Daily Volumes of 1,645 lots in EUAs and CERs. The spot volumes represented over 37% of total market share during April – see chart 3
CER volumes recorded modest month-on-month growth
Carbon prices increased during April amid a rallying energy complex that saw UK NatGas, Brent and German Power all finish higher. The benchmark EUA December 2010 contract rose from €12.86 to settle on Friday at 15.94 representing a 24% increase over the month. A degree of Volatility returned to the carbon market (see chart 2) as the average intraday trading range increased from €0.27 last month to €0.43 in April.
Open Interest of all contracts continued to rise, up 10% in April and up 60% so far this year to 857,910 lots. Dec10 EUA Futures Open Interest increased 12% this month to 175,149 lots.
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