The ICE daily CER continued to trade as a political option with notional pricing, losing one Eurocent to 0.14 EURO (-6.67%). Actual volume is trading beneath this price and ERUs are trading at less than 50% of this price. Exchange listed prices are nothing more than advertisements or wishful thinking by ambitious traders trying to convince speculators that there is something happening. Only a political decision to address massive oversupply can turn things around. Too many ERUs and CERs have been issued already and more are printed every month, the market is swamped.