10-Year Note Speculators rebooted their bearish bets this week

September 7, 2019

September 7th – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators raised their bearish net positions in the 10-Year Note futures markets this week following a sharp reduction last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -377,867 contracts in the data reported through Tuesday September 3rd. This was a weekly change of -67,963 net contracts from the previous week which had a total of -309,904 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -16,137 contracts (to a weekly total of 587,813 contracts) while the gross bearish position (shorts) rose by 51,826 contracts for the week (to a total of 965,680 contracts).

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The 10-year speculators boosted their bearish bets this week by the largest one-week amount (-67,963 contracts) since early June. Last week, speculators had reduced their bearish position by over 90,000 net contracts before this week’s turnaround.

Overall, the speculators continue to hold their bearish sentiment in the face of strong demand and rising prices in the 10-year note that now sports a yield of 1.56 percent (prices up, yields down).

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 348,610 contracts on the week. This was a weekly increase of 126,672 contracts from the total net of 221,938 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $132.12 which was an advance of $0.32 from the previous close of $131.79, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).

Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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