Carbon Markets

MARKET WRAP: ACCU derivatives contracting surges to record high behind increasing forward activity

Traded volumes across the Australian spot and forward markets reached a 15-month high of over 2.8 million ACCUs in May, reflecting reported volumes available to the market (excluding confidential submissions to our survey panel). Notably, over 1.4 million ACCUs were traded under derivative contracts (forwards and options) – a new record high – and a 70% increase on the previous record set in January 2023, behind longer and larger forward contracting, narrowing our marked costs of carry. Monthly spot volumes fell to a 7-month low in May behind lower issuance, yet marked the 7th consecutive month the market has surpassed 1M spot traded, reflecting greater maturity, led by financial institutions and larger corporate buyers.

RepuTex’s monthly State of the Australian Carbon Market provides a snapshot of activity in the Australian carbon spot and forward markets, including pricing and traded volumes for spot, forward and options contracts, along with net market balance.

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