Eu Carbon price loses 40% of its value in one day

Hmmm, looks like they might read WUWT, that headline below looks familiar.

CO2 prices in freefall as traders despair over EU vote

24 Jan 2013 11:26 Last updated: 24 Jan 2013 13:44

LONDON, Jan 24 (Reuters Point Carbon) – European carbon prices went into freefall on Thursday, dropping 40 percent at one point to a record low 2.81 euros, after members of the EU Parliament’s industry committee voted against a plan to rescue the ailing market.  http://www.pointcarbon.com/news/reutersnews/1.2151825

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Yesterday’s close was 4.74 euros. The market hasn’t closed yet, so there could be some rebound. I could also win the lottery today. I think not on both counts though:

EU ETS fix hangs in balance as MEPs urge rejection

24 Jan 2013 15:10

BRUSSELS, Jan 24 (Reuters Point Carbon) – A proposal to rescue the ailing EU carbon market hung in the balance on Thursday as a committee of lawmakers urged the bloc’s parliament to reject the so-called backloading plan in a vote that sent carbon prices crashing to record lows.

http://www.pointcarbon.com/news/1.2152161

UPDATE: that market has closed, and here is the news:

EU carbon prices climb back after 40 pct freefall

24 Jan 2013 17:34

LONDON, Jan 24 (Reuters Point Carbon) – European carbon prices were down around 4 percent on Thursday afternoon after freefalling by as much as 40 percent to a record low 2.81 euros earlier, after EU parliamentarians voted against a plan to rescue the ailing market.

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Some short term fools rushed in to hopefully make a profit. I predict a further price slide tomorrow.