After holding near parity for the last nine months, Safeguard Mechanism Credit (SMC) prices decoupled sharply from ACCUs last week, reaching their widest premium since trading began – a marked reversal from the discounts seen in February 2025. ACCUs initially chased the move to 20-month highs but failed to sustain momentum, driving spot volatility to a five-month high. In this Carbon Weekly, we take a closer look at what is driving the emerging SMC premium – and whether the divergence is here to stay.
RepuTex’s Carbon Weekly report breaks down activity in the Australian exchange-traded and OTC carbon markets (spot
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