Euro Markets: EUAs drop 7.2% in May as funds post record net short position, while UKAs rally after neutral auction

EUA prices posted a 7.2% monthly loss in May, but ended the month with a modest recovery after an early drop to a new four-month low was reversed when data showed investment funds had built their largest-ever net short position, while UKAs rallied after what sources called a "neutral" auction result.