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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 7/108/10FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202578.31 79.010.72.6872.8483.9360.94CO2 EUA DEC 202680.38 81.080.72.7474.8286.3562.54CO2 EUA DEC 202782.69 83.380.692.7777.1189.0764.54CO2 EUA DEC 202885.32 86.010.692.8479.6891.9466.86UK ETS DEC 25 EUR 63.69 63.41-0.280.8956.1967.0437.35UK ETS DEC 26 EUR 66.69 66.43-0.260.9858.8070.0439.48UK ETS DEC 27 EUR 69.78 69.53-0.251.1261.5673.1442.14European carbon prices rose on Wednesday, supported by data from the latestCommitment of Traders report showing the biggest speculative net longposition in more than four and a half years. The figures signalled growingmarket expectations of a tighter allowance supply in 2026, pushing the EUAsexpiring in Dec-2025 up by nearly 1% to 79 EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 7/108/10FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1666 1.1627-0.0039-0.00971.12041.18371.0198RATE EUR/GBP0.8703 0.8671-0.0032-0.00330.85130.87480.8253RATE GBP/EUR1.1490 1.15330.00430.00441.17491.21171.1431The euro weakened on Wednesday, pressured by political uncertainty in Franceand disappointing German industrial data. Outgoing French Prime MinisterSebastien Lecornu indicated progress in negotiations with parliamentarygroups, suggesting President Macron could appoint a new PM within 48 hours.Meanwhile, German industrial production fell 4.3% month-on-month, raisingrecession concerns in the bloc’s largest economy.The EUR/USD pair slipped by 0.3% to 1.1627, amid the ongoing U.S.government shutdown and cautious Fed commentary on inflation, while theEUR/GBP rate lost 0.4% to end at 0.8671, with the UK economic calendaroffering little support.