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June 14Th: The Contract Resistance Level In December Is 79.20, &Nbsp, 81.75 Early News.

2010/6/14 10:21:00 50

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New York cotton: whether it's a spot contract or a 10 year December contract, it has rebounded on key supporting positions and has been rising strongly.

The 10 year December contract now holds the largest position, recovering all the last week's decline and testing the recent high.

After a four month low, the contract reversed sharply in December of July, 10. The reason is that a large number of withdrawal certificates were seized this week. At the same time, a large number of 10 year July contracts rolled into 10 year December contracts, and there was a purchase price locked by textile mills.

Outlook for the future: Cotton data are generally more optimistic than expected, especially the US export sales report.

The US Department of agriculture's 2010/11 supply and demand situation shows that the end inventory is lower than the May report.

However, many people believe that the total output is low.

Technical side (10 years December contract), due to the trend this week, the short term empty view has been invalid, the market has returned to the neutral - bullish mode.

Due to the recent sharp fluctuations in the market, it will not be surprising if prices begin to enter the consolidation pattern.

The resistance level is 79.20, 81.75 and 85 cents, the supporting position is 76.50, 75.60 cents, and the key supporting position is 74 cents.

The US Department of Agriculture reported June 10th data in 2010 (millions of packages, 480 pounds per pack, parentheses were last reported data).

Us output and consumption

2008/09

2009/10

2010/11

Early inventory

(10.05)

Ten point zero five

(6.34)

Six point three four

(3.10)

Two point nine zero

yield

(12.82)

Twelve point eight two

(12.19)

Twelve point one nine

(16.70)

Sixteen point seven zero

Consumption

(3.59)

Three point five nine

(3.40)

Three point four zero

(3.30)

Three point three zero

Exit

(13.28)

Thirteen point two eight

(12)

Twelve point two five

(13.50)

Thirteen point five zero

Ending inventory

(6.34)

Six point three four

(3.10)

Two point nine zero

(3)

Two point eight zero

USDA / world production and consumption

Us output and consumption

2008/09

2009/10

2010/11

Early inventory

(62.89)

Sixty-two point six one

(63.16)

Sixty-two point seven zero

(52.75)

Fifty-two point two one

yield

(107.46)

One hundred and seven point four eight

(102.91)

One hundred and two point eight nine

(113.88)

One hundred and fourteen point three two

Consumption

(109.74)

One hundred and nine point nine four

(115.89)

One hundred and sixteen point four three

(119.08)

One hundred and nineteen point four nine

Ending inventory

(63.16)

Sixty-two point seven zero

(52.75)

Fifty-two point two one

(50.13)

Forty-nine point five nine

USDA / cotton producing countries

yield

Consumption

2009/10

2010/11

2009/10

2010/11

China

(32.50)

Thirty-two point five zero

(33)

Thirty-three

(47.50)

Forty-seven point five zero

(49)

Forty-nine

India

(23.50)

Twenty-three point five zero

(25)

Twenty-five

(19.50)

Nineteen point five zero

(20.40)

Twenty Point Four Zero

U.S.A

(12.19)

Twelve point one nine

(16.70)

Sixteen point seven zero

(3.40)

Three point four zero

(3.30)

Three point three zero

Pakistan

(9.80)

Nine point nine zero

(10.50)

Ten point five zero

(11.50)

Eleven point five zero

(11.40)

Eleven point seven zero

Central Asia

(6.22)

Six point one seven

(6.84)

Six point seven nine

(1.73)

One point six nine

(1.73)

One point seven three

West Africa

(2.16)

Two point one six

(2.61)

Two point six one

(0.19)

Zero point one eight

(0.19)

Zero point one eight

Turkey

(1.70)

One point seven five

(2.10)

Two point one zero

(5.30)

Five point six zero

(5.40)

Five point five zero

Brazil

(5.85)

Five point seven five

(6.80)

Six point eight zero

(4.40)

Four Point Four Zero

(4.60)

Four point six zero

The Zhengzhou China Commodity Exchange, which narrowed its narrow trading range for two weeks in September in 10, hit its high level last month.

The new cotton contract is also moving forward, so the upside down phenomenon is still strong. The price difference between September and January of 10 years was 1 "415 yuan.

There are strong indications that the government will grant another 600000 tons of cotton reserves.

The bigger question is when to start auctioning.

In the meantime, textile mills are eager to purchase all foreign cotton.

In the near future, cotton is the main target in the United States, and cotton in the United States is most likely to come from certified stocks, followed by Australian cotton.

There are almost no land cotton sources available for sale.