10-Year Note Speculators Trimmed Bullish Bets For 1st Time In 5 Weeks
Zachary Storella | Jul 26, 2020 12:49AM ET
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.
h3 10-Year Note Commercial Positions:/h3The 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.
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.
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