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10-Year Note Non-Commercial Speculator Positions:
Large bond speculators decreased their bullish net positions in the 10-Year Note futures markets this 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 69,513 contracts in the data reported through Tuesday October 6th. This was a weekly decrease of -59,063 net contracts from the previous week which had a total of 128,576 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -39,892 contracts (to a weekly total of 628,446 contracts) while the gross bearish position (shorts) increased by 19,171 contracts for the week (to a total of 558,933 contracts).
The 10-Year speculators cut back on their bullish bets this week following four straight weeks of rising bullish bets that had pushed the overall net position to its highest level in 155 weeks, dating back to October of 2017. This week’s decline brings the net position back to a small bullish level and marks the fifteenth time out of the past sixteen weeks that speculators have maintained a bullish bias.
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 -91,699 contracts on the week. This was a weekly advance of 92,564 contracts from the total net of -184,263 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 $139.04 which was a fall of $-0.73 from the previous close of $139.78, 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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