Over the past week, the market has seen a significant drop and is currently trading at around EUR 65 per tonne for the December 2025 futures contract, with no signs of strong buying interest. Following the option expiry, the market experienced a steep decline with rapid price losses.

Related markets are also trading lower compared to previous weeks. The surplus of EUA certificates in the market, combined with weak demand, was probably the main driver for the declining trend over the course of the year.

In contrast to last year, sentiment among investment funds now appears to be more optimistic during the auction pause, supported by a significant net long position. Auctions will resume on 7 January, with slightly lower supply in the primary auctions compared to recent months.