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Large bond speculators advanced their bullish net positions in the 10-Year Note futures markets once 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 73,192 contracts in the data reported through Tuesday, July 28th. This was a weekly rise of 44,148 net contracts from the previous week which had a total of 29,044 net contracts.
The week’s net position was the result of the gross bullish position (longs) ascending by 28,565 contracts (to a weekly total of 768,083 contracts) while the gross bearish position (shorts) fell by -15,583 contracts for the week (to a total of 694,891 contracts).
The 10-Year speculators raised their bullish bets higher for the fifth time in six weeks as well as for the eighth time in the past eleven weeks. This bullish sentiment has pushed the current position to the highest level in the past one hundred and thirty-nine weeks, dating back to November of 2017. The speculator position has now been in bullish territory for six straight weeks and currently maintains a small bullish level.
The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -140,695 contracts on the week. This was a weekly loss of -54,111 contracts from the total net of -86,584 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 $139.70 which was an advance of $0.18 from the previous close of $139.51, according to unofficial market data.
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