“The low price levels are a sell off in the face of deep disappointment from within the market at the European Commission’s failure to deal quickly and decisively with the surplus issue,” said Daniel Rossetto, managing director of Climate Mundial Ltd., a London-based consulting company that works in carbon markets. “The market will need to hang out for quite a while longer before it gets the bullish news it’s looking for,” he said today in an e-mailed response to questions.

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