Total traded volumes of 2.8M (+1.2M MoM) were reported via our Survey Panel in May, the highest monthly total since November 2025 (3.1M). Spot activity again made up the lion’s share of total volumes, with GFI and Jarden accounting for almost two-thirds of brokered activity. Robust support over May saw ACCU prices hold above $37/t across the month, the first time since October 2025, with familiar resistance levels emerging as prices levelled year-to-date highs ($38/t) mid-month. While overall price action was muted, data indicates that year-to-date ACCU prices are elevated relative to equivalent periods in 2024 and 2025, with seasonal effects in decline.
This monthly State of the Australian Carbon Market report provides a detailed review of activity in the ACCU spot and derivative markets over the past month, including pricing and traded volumes for spot, forward and options, market depth, net market holdings (inventory), and our OTC ACCU forward curves.
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