欧盟碳市场行情简报(2025年第194期)-20251110

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Policy softening impact is fermenting, and EUA continues to decline [1] - The recommended strategy is to go short on rallies with a light position [1] 3. Summary by Relevant Catalogs Market Conditions - Primary Market: The EUA auction price is 80.07 euros/ton (-1.46%), and the bid - cover ratio is 1.53 [1] - Secondary Market: The EUA futures settlement price is 80.17 euros/ton (-1.62%), with a trading volume of 33,900 lots (0.72) [1] Strategy - The strategy is to go short on rallies with a light position [1] Factors Affecting the Market - Positive Factors: There are no new positive factors [1] - Negative Factors: TF prices have declined due to mild weather and stable supply; some EU legislators plan to push for a delay of ETS2 by at least three years [1] - Other Factors: The US is asking the EU to get rid of Russian gas faster and expand the "Vertical Corridor" connecting Greece, Bulgaria, Romania, and Ukraine [1] Market Data Charts - Auction Market Data: On November 6, 2025, the CBAM certificate price was 80.07 euros/ton, the EUA auction price was 78.20 euros/ton, the EUA auction volume was 3.268 million tons, the bid - cover ratio was 1.53, and the auction revenue was 261.67 million euros [3] - Futures and Spot Market Data: On November 6, 2025, the EUA futures settlement price was 80.17 euros/ton, the futures trading volume was 33,900 lots, and the futures position was 372,500 lots; the spot settlement price was 79.96 euros/ton, and the spot trading volume was 1903 lots [4]