欧盟碳市场行情简报（2025年第99期）-20250612

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The auction price of EUA is 73.5 euros/ton (up 1.86%), with a bid - cover ratio of 1.56; the EUA futures settlement price is 74.36 euros/ton (up 2.34%), and the trading volume is 30,300 lots (up 0.28). The short - term strategy is bearish, and the medium - term is range - bound between €67 - 75. The latest CoT report shows that last week, investment funds' net long positions increased by 5.74 million tons, nearly half of which came from short - covering. The TTF strengthened due to factors such as French nuclear power maintenance and the EU's proposal to end the secret import of fuel from Russia. There are no new negative factors [1][2]. 3. Summary by Relevant Catalogs Market - Auction: On June 11, 2025, the EUA auction price was 73.50 euros/ton, the CBAM certificate price was 71.39 euros/ton, the auction volume was 2.0725 million tons, the bid - cover ratio was 1.56, and the auction revenue was 152.33 million euros. On June 10, 2025, the EUA auction price was 72.16 euros/ton, the CBAM certificate price was 71.39 euros/ton, the auction volume was 3.2455 million tons, the bid - cover ratio was 1.64, and the auction revenue was 234.20 million euros [3]. - Futures: On June 11, 2025, the EUA futures settlement price was 74.36 euros/ton, up 2.34% from the previous day, and the trading volume was 30,300 lots, up 0.28. The open interest was 32.07 million lots, unchanged from the previous day [4]. - Spot: On June 11, 2025, the EUA spot settlement price was 73.43 euros/ton, up 2.34% from the previous day, and the trading volume decreased by 3,958 lots. The container shipping carbon cost was 12.83 US dollars/TEU, with a freight rate ratio of 0.77% [4].