A delay until September of keenly awaited details of the European Commission's plans to remove emissions permits from Europe's carbon market sent carbon prices sharply lower on Wednesday. Three separate EU sources said on Tuesday details on how to fix a supply glut in the carbon market would now not come until after the Commission's August recess, prompting falls of up to seven percent in already low carbon prices. Market participants scrambled to unwind long positions and Deutsche Bank cut its EU carbon price forecast for the third quarter to 6-8 euros from 6-10.
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