17 Nov

10-Year Note Speculators sharply cut back on their US bonds bearish bets

November 17, 2018

November 17, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators strongly reduced their bearish 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 -333,195 contracts in the data reported through Tuesday November 13th. This was a weekly change of 205,991 net contracts from the previous week which had a total of -539,186 net contracts.

This week’s net position was the result of the gross bullish position gaining by 79,328 contracts to a weekly total of 666,291 contracts in addition to the gross bearish position dropping by -126,663 contracts for the week to a total of 999,486 contracts.

The speculative position this week saw the largest one-week gain in net positions since April 25th of 2017 when the net position had gained by +255,942 contracts. The current 10-year standing is now at the least bearish level since April 10th of this year when the net position totaled -330,635 contracts.

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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 442,166 contracts on the week. This was a weekly fall of -208,514 contracts from the total net of 650,680 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 $118.29 which was an uptick of $0.54 from the previous close of $117.75, 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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