Carbon credit futures up 9% on crude prices

Carbon credit futures prices on Wednesday rose by close to 9 per cent at leading commodity bourse NCDEX, fueled by soaring crude oil prices and strengthening of euro against the US dollar. According to Karvy Comtrade analyst Bhavana Glory along with oil prices reaching a all time high another factor that led to the bullish movement was the euro which was stronger compared to the dollar, she said. Carbon credits are traded as certified emission reduction (CER) on NCDEX.