10-Year Note Speculators raised bullish bets for 4th straight week

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10-Year Note Non-Commercial Speculator Positions:

Large bond speculators raised their bullish net positions in the 10-Year Note futures markets again 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 58,107 contracts in the data reported through Tuesday July 14th. This was a weekly gain of 14,920 net contracts from the previous week which had a total of 43,187 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -31,937 contracts (to a weekly total of 747,315 contracts) while the gross bearish position (shorts) dropped by a larger amount of -46,857 contracts for the week (to a total of 689,208 contracts).

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The 10-Year speculators continued to add to their net bullish positions for a fourth straight week this week. These recent gains have added a total of +68,992 contracts to the net position in the past four weeks and have now pushed the current bullish standing to the highest level since November 28th of 2017. The overall net speculative position, before turning bullish in June, had been in bearish territory for 129 consecutive weeks dating back to December of 2017.

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 -111,081 contracts on the week. This was a weekly fall of -42,629 contracts from the total net of -68,452 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 $139.42 which was a rise of $0.21 from the previous close of $139.20, 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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