LONDON (Reuters) - European carbon emissions futures rose on Monday amid thin trade as contracts for December '08 delivery expired.
EU Allowances (EUAs) for December '09 delivery were up 52 cents or 3.34 percent at 16.10 euros ($21.68) a tonne at 0953 GMT, with volume low at 435 lots traded.
"I was expecting more action this morning as there can be a lot of administrative hassle in getting rid of old contracts. Maybe people are focusing on that right now, hoping the process runs more smoothly than it did on December 1," said an emissions trader.
There was more activity on France's BlueNext spot market, with EUAs up 71 cents or 4.82 percent at 15.45 euros a tonne. Volume was at 630 lots traded.
U.S. light crude for January delivery rose to around $47 a barrel on signs that OPEC members are set to make a deep supply cut when the oil producer group meets later this week in an effort to prop up prices.
German Cal '09 baseload power was down 22 cents or 0.38 percent at 57.38 euros per megawatt hour.
Certified emissions reductions (CERs) rose 18 cents or 1.34 percent to 13.60 euros a tonne. The EUA-CER spread was at 2.50 euros.
Meanwhile, Societe Generale cut its forecasts for EU industrial emissions, saying an EU recession may depress carbon permit prices for years.
Prices for EUAs in 2009 could average 17 euros a tonne, down a third from a previous forecast of 25.5 euros, it said.
For additional news and analysis on the global carbon markets, go to http://www.communities.thomsonreuters.com
(Reporting by Nina Chestney; Editing by James Jukwey)
