Reinhard: December Contract Resistance Is 79.20, &Nbsp; 81.75

Stage cotton

Whether it's spot contracts or 10 years' December contracts, they have rebounded on key support positions and have 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.

cotton

Data are generally more optimistic than expected, especially in the US's 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.

Pattern

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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.