The most recent weekly report of the Commitment of Traders (CoT),  published by the ICE platform on Wednesday, revealed that investment funds have reduced their net long positions (long term positions – short term positions ) to 30,3 million allowances, down by nearly 9% compared to the previous report.

Figure shows that, in the week ending March 28, speculators have reduced their long holdings by 12% from 82,4 million allowances to 71,9 million allowances. During the same interval, funds have reduced their short investments by 7,3 million allowances from 49 million allowances to 41,7 million allowances. 

As a result, net long holdings have dropped to their lowest level since early January, now standing at half of the three-year peak of 60.5 million allowances recorded in the week ending February 7. Such trading data suggest that investors are far less confident about the likelihood of rising prices than they were two months ago.

Trading data once again confirmed the sentiment from ICE’s latest report. The EUA Dec’25 closed at €68,80 last Friday, down from €71,45 the previous week, “posting a weekly loss for the sixth time in eight weeks”  as noticed by Carbon Pulse.