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10-Year Note Speculators reduced bullish bets:
Large bond speculators lowered 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 29,044 contracts in the data reported through Tuesday July 21st. This was a weekly change of -29,063 net contracts from the previous week which had a total of 58,107 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -7,797 contracts (to a weekly total of 739,518 contracts) while the gross bearish position (shorts) gain by 21,266 contracts for the week (to a total of 710,474 contracts).
The 10-Year Note speculators cut back on their bullish bets this week after four weeks of rising positions. Previously, speculators had boosted their bullish positions in seven out of the past ten weeks that had moved the overall net position from bearish to bullish, which marked the first bullish standing since December of 2017. The current position resides in a small bullish position for a fifth straight week.
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 -86,584 contracts on the week. This was a weekly boost of 24,497 contracts from the total net of -111,081 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 $139.515625 which was a boost of $0.09375 from the previous close of $139.421875, 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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