10-Year Note Speculators sharply dropped their bullish net positions this week

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10-Year Note Non-Commercial Speculator Positions:

Large speculators sharply cut back on their 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 2,724 contracts in the data reported through Tuesday October 31st. This was a large weekly lowering by -150,873 contracts from the previous week which had a total of 153,597 net contracts.

This week’s fall was the largest one week decline since November 29th 2016 when net positions decreased by -268,915 contracts. Speculative positions have dropped for five out of the past six weeks with the overall net position now at the lowest level since April 18th when net positions were in an overall short position of -41,300 contracts.

10-Year Note Commercial Positions:


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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 255,073 contracts on the week. This was a weekly rise of 169,775 contracts from the total net of 85,298 contracts reported the previous week.

IEF ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $106.00 which was an increase of $0.34 from the previous close of $105.66, 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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