After four weeks of high volumes, liquidity subsided in the Chinese ETS pilots reflecting the drop in volumes in the spot markets of Chongqing and Guangdong. The total volume (610,869 tons) fell by 80% from the previous week and the total turnover generated Y9.5 trillion.
The volumes in CQEA retreated back to five digits as it traded 76,457 tons, a huge drop of almost 96% from the previous week, breaking the four week convention of trading volumes in six figures. BEA traded a total of 38,361 tons which is 18% lower than the volume in the previous week. The total weekly volume maintained in five figures on the SHEAs for a consecutive twelve weeks and traded a total of 17,233 tons which is lower by 39% form the week before. Prices in the HBEA spot maintained in the Y16’s for a second week and closed at Y16.34. The spot-forward spread equated to 11%. GDEA, SZEA & Fujian traded along their conventional lines last week while Tianjin remained absent from the market for a consecutive second month.
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