Is the tide turning?
The Commitment of Traders data from ICE Endex for the week ending 15 November shows Investment Funds now have a bullish bet on the European carbon price. This is the first time since 28 July 2023 this group of participants holds a net long position and could be an indication that the majority of Investment Fund positions see a greater likelihood for EUA prices to move higher than lower compared to current price levels.
Other ETS participants watch closely the changes in the Investment Fund’s position and the release of the CoT data, particularly in the absence of other price drivers. Investment Funds are of speculative nature, hence do not have a compliance obligation, a...
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