As of 24 October, investment funds’ net long positions eased modestly, according to the latest ICE Commitment of Traders report. The data indicate that speculative investors have begun to scale back their bullish exposure to carbon prices, marking the first decline in long positioning this month.

The figures show a reduction of just 0.8%, from 94.7 million to 93.9 million allowances — still the second-highest net long since 2021, pointing to a slight easing of investor confidence in further market gains.

According to the CoT data, speculative traders reduced their long-term holdings by 1 million allowances to 103.3 million, while short-term holdings also declined slightly, by 0.2 million, to 27.9 million allowances.

Trading data once again mirrored the sentiment highlighted in ICE’s latest report. The EUA December 2025 contract settled at €78.32 last Friday, down from €79.46 the previous week, a 1.4% weekly decline.