November 13, 2017 / 9:13 PM / a year ago

UPDATE 1-Speculative U.S. 10-year T-note net longs rise in week -CFTC

    * Speculative 5-year T-note net shorts recede from record
    * Eurodollar net shorts by speculators rise to most since

 (Adds background, details on latest data)
    Nov 13 (Reuters) - Speculators' net bullish bets on U.S.
10-year Treasury note futures rose nearly a week ago when the
gap between short-and-long dated bond yields shrank to its
narrowest in a decade, according to Commodity Futures Trading
Commission data released on Monday.
    Some traders had piled "curve flattener" positions where
they favored longer-dated Treasuries over shorter-dated issues
based on the view the Federal Reserve would further lift
short-term rates due to an improving labor market.
    Longer-dated bonds are expected to fare better than
shorter-dated debt as inflation would stay subdued and passage
of a Republican-sponsored tax plan in Washington remains
    Last week, the yield spread between two-year and 10-year
Treasuries narrowed to 65.9 basis points, a level
not seen since November 2007, Reuters data showed.
    The amount of speculators' bullish, or long, positions in
10-year Treasury futures exceeded bearish, or short, positions
by 50,063 contracts on Nov. 10, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 2,724 net long positions in
10-year T-note futures, the lowest since April.
    Among other T-note maturities, speculators scaled back their
net shorts in five-year T-notes to 330,205 contracts from a
record high of 469,845 the prior week.
    Speculative net shorts in ultra T-bond futures increased to
110,875, the most since May 30.
    Among interest rates futures, speculators raised their net
shorts in three-month Eurodollar futures to 2.53 million last
Tuesday, the highest since May 21.
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000) 
        10 Nov 2017       Prior week
 Long         340,408        253,731
 Short        515,313        493,447
 Net         -174,905       -239,716
U.S. 5-year T-notes (Contracts of $100,000) 
        10 Nov 2017       Prior week
 Long         540,710        367,932
 Short        870,915        837,777
 Net         -330,205       -469,845
U.S. 10-year T-notes (Contracts of $100,000) 
        10 Nov 2017       Prior week
 Long         699,411        719,573
 Short        649,348        716,849
 Net           50,063          2,724
U.S. T-bonds (Contracts of $100,000) 
        10 Nov 2017       Prior week
 Long         176,664        152,121
 Short        137,299        139,448
 Net           39,365         12,673
U.S. Ultra T-bonds (Contracts of $100,000) 
        10 Nov 2017       Prior week
 Long          49,412         48,698
 Short        160,287        152,805
 Net         -110,875       -104,107
 Eurodollar (Contracts of $1,000,000) 
        10 Nov 2017       Prior week
 Long         835,354        904,686
 Short      3,367,144      3,133,665
 Net       -2,531,790     -2,228,979
 Fed funds (Contracts of $1,000,000) 
        10 Nov 2017       Prior week
 Long          74,225        136,443
 Short        168,249        166,264
 Net          -94,024        -29,821
 (Reporting by Richard Leong; Editing by Diane Craft and James
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