Proposals to link Australia's planned carbon trading scheme with the EU Emissions Trading Scheme (EU ETS) have been broadly welcomed by EU ETS traders, although there is still much political uncertainty around the Australian scheme itself.
Benchmark European carbon prices trading on Ice's European Climate Exchange (ECX) rallied above €8 a tonne on Tuesday on the news, but have dropped below to €7.80 in the December 2012 contract since, amid general market uncertainty and as Australian political
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