- EUAs traded in a tight range between EUR71.85 and EUR68.70 per tonne last week, and closed the week at EUR70.69, for a weekly loss of 1.7%. December 2024 EU Allowances futures currently trade at EUR73,01 per tonne.
- The market seems supported. Improvements in economic indicators, the bullish trend line since February, and a reduction in the bearish speculative position support the underlying upward trend. Auctions confirm this, with three of the five auctions clearing at a premium last week.
- However, with healthy auction volumes in the coming weeks and without a significant increase in commercial hedging, we expect prices to remain capped.