LONDON - European carbon emissions futures rose slightly on Monday, unaffected by confirmation from world leaders that a legally binding climate pact will be delayed until 2010 or later.
EU Allowances (EUAs) for December delivery rose by 10 cents or 0.75 percent to 13.51 euros ($20.23) a tonne at 1322 GMT.
Prices have not reacted to news that 2010 is the new deadline. The market has widely expected this for the past six months, an emissions trader said.
Denmark, the host of the Copenhagen U.N. climate change talks, on Monday proposed the end of 2010 as a new deadline for the conclusion of a binding treaty on cutting greenhouse emissions.
U.S. President Barack Obama and other world leaders on Sunday supported delaying a legally binding climate pact until 2010 or even later.
Traders said the delay was widely expected. Climate talks in Barcelona at the start of November alluded to delay but lack of progress well before that dampened expectations.
Carbon prices took support from firmer oil and German power prices on Monday, traders said.
U.S. oil rose above $77 a barrel on Monday, taking back most of last week's 1.4 percent losses as the dollar drifted lower.
German Calendar 2010 baseload power on the EEX was up 21 cents or 0.45 percent at 46.45 euros per megawatt hour.
U.N.-backed certified emissions reductions (CERs) rose by 6 cents or 0.49 percent to 12.35 euros a tonne. The EUA-CER spread was at 1.16 euros.
EDF Trading has signed a deal with renewable energy company Bionersis to buy carbon credits from four landfill gas projects in Latin America for an undisclosed amount, the EDF subsidiary said on Monday.
(Reporting by Nina Chestney; Editing by xxx