10-Year Note Non-Commercial Speculator Positions:
Large bond speculators once again raised 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 92,065 contracts in the data reported through Tuesday, August 4th. This was a weekly gain of 18,873 net contracts from the previous week which had a total of 73,192 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -5,429 contracts (to a weekly total of 762,654 contracts) while the gross bearish position (shorts) fell by a larger amount of -24,302 contracts for the week (to a total of 670,589 contracts).
The 10-Year speculators raised their net bullish positions for a second straight week and for the sixth time in the past seven weeks. Overall, the speculative position has now been in bullish territory for seven consecutive weeks and has reached the most bullish level in 140 weeks, dating back to November 28th of 2017 when the net position totaled +123,936 contracts. The yield on the 10-year contract continues to hover just slightly above the 0.55 percent level (the lower the yield, the higher the demand is for the bonds).
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 -124,263 contracts on the week. This was a weekly boost of 16,432 contracts from the total net of -140,695 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 $140.32 which was an advance of $0.62 from the previous close of $139.70, according to unofficial market data.