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A. Trading Report

• CCA prices inch up again, with 2015 benchmark nearing $12.90 mark
• Weekly volume of 6.7 million, falling largely on 2015 contracts
• CCO-CCA spread continues to narrow

B. Price Expectations

• Expiration of Oct 15 contracts, onset of auction window, may mean greater interest in
• selling than in buying
• Ratio to moving average for Dec 15/16 horizontal approaches 1.05, a likely short-term reference level
• Expected V15 prices: Front $12.80-$12.85; Benchmark $12.85-$12.90; Dec 16 $13.25-$13.30

C. Sectorial Positions

• Upstream oil and gas, transport fuels distributors, may face temptation to shorten

D. CCO Tracker

• ROC issuances return – Nisqually Land Trust project registration sees October issuance
• total up to 358,283
• Sixteen new ARB projects – fifteen forestry and one ODS – listed in last fortnight

E. Policy Tracker

• No change from last week’s policy tracker

F. Key Dates

• Compliance surrender to occur next week; 2014 emissions data to be published by ARB

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