The European Union carbon emission futures market closed at a six-month low on Monday, falling by 9% in intra-day trading after a weak UN climate deal.

The fall resulted from the news of a bare-minimum agreement called the Copenhagen Accord struck by the US, China and other countries at the UN climate talks, according to Reuters.

The accord is weaker than a legally binding or a political agreement and the EU refused to increase emissions reduction target to 30% from 20% by 2020.