EMISSIONS: Polish EU ETS Clears Lower, Stronger Participation
The latest bi-weekly Poland ETS CAP3 auction cleared at €69.1/ton CO2e, down 1.12% compared with the previous bi-weekly Poland auction at €69.88/ton CO2e according to EEX.
- The auction was at a €0.12/ton CO2e premium to the futures contract, compared with a €0.18/ton CO2e discount in the previous round.
- The cover ratio was at 2.11, compared with 1.62 in the previous bi-weekly Poland auction and above five-year seasonality.
- There was a total of 26 bids with 14 successful bids.
- The mean price was at €69.14/t CO2e and the median price was at €68.75/t CO2e.
- EUA DEC 25 up 1.13% at 69.89 EUR/t CO2e
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PIPELINE: Denmark 2-year USD Benchmark: Mandate
"The Kingdom of Denmark (DENK), rated Aaa/AAA/AAA (all stable), has mandated Danske Bank, HSBC, J.P. Morgan and Morgan Stanley as Joint Lead Managers for a new 2-year USD 144A/REGS benchmark senior unsecured transaction. The issue is expected to be launched in the near future subject to market conditions".
From market source.
COMMODITIES: WTI Futures Hit Fresh Cycle High, Bull Cycle Remains Intact
A bull cycle in WTI futures remains intact and the contract has delivered a fresh cycle high today. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend remains in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted at $67.11, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and last week’s pullback is considered corrective. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has recently been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3282.7, the 50-day EMA.
- WTI Crude down $0.2 or -0.27% at $73.61
- Natural Gas up $0.02 or +0.62% at $3.871
- Gold spot down $6.07 or -0.18% at $3361.99
- Copper down $2.5 or -0.51% at $485.95
- Silver up $0.19 or +0.53% at $36.2127
- Platinum up $28.23 or +2.23% at $1296.87
EQUITIES: Short-Term Bear Cycle in Eurostoxx 50 Futures Still in Play
A short-term bear cycle in Eurostoxx 50 futures remains intact and the contract has traded to a fresh cycle low today. Recent weakness has resulted in a breach of the 50-day EMA. Price has also traded through 5279.00, May 23 low. The clear break of both support points signals a S/T top and scope for a deeper retracement. Sights are on 5182.00, the May 2 low and 5100.94, a Fibonacci retracement. Initial resistance is 5343.47, the 20-day EMA. The trend condition in S&P E-Minis is unchanged, it remains bullish. For now, the most recent shallow pullback is considered corrective. The contract has pierced support at 6007.80, the 20-day EMA. A clear breach of this average would suggest potential for a deeper retracement and expose the 50-day EMA, at 5906.79. Key short-term resistance and the bull trigger has been defined at 6128.75, the Jun 11 high.
- Japan's NIKKEI closed lower by 49.14 pts or -0.13% at 38354.09 and the TOPIX ended 10.08 pts lower or -0.36% at 2761.18.
- Elsewhere, in China the SHANGHAI closed higher by 21.686 pts or +0.65% at 3381.582 and the HANG SENG ended 158.65 pts higher or +0.67% at 23689.13.
- Across Europe, Germany's DAX trades lower by 0.7 pts or 0% at 23348.23, FTSE 100 higher by 3.44 pts or +0.04% at 8778.08, CAC 40 down 1.39 pts or -0.02% at 7587.47 and Euro Stoxx 50 up 8.75 pts or +0.17% at 5241.86.
- Dow Jones mini up 51 pts or +0.12% at 42565, S&P 500 mini up 14.25 pts or +0.24% at 6032, NASDAQ mini up 61.25 pts or +0.28% at 21904.5.
