Europe And The United States Economy Is Hard To Say Optimistic About &Nbsp; Zheng Cotton Market To Maintain Range Shocks

Wednesday Zheng cotton 1205 the contract opened at 20450 yuan / ton, closing at 20475 yuan / ton, up 50 yuan / ton compared with the previous day. Gain For 0.24%, volume reduced to 23 thousand and 300, and positions decreased by 5226 to 164 thousand and 300. Today, the price of 328 spot cotton is 19059 yuan / ton, up 1 yuan / ton, 527 spot cotton price is 16481 yuan / ton, up 2 yuan / ton, 229 spot cotton price is 20314 yuan / ton, up 7 yuan / ton.

International: Italy's 5 - year Treasury yields hit a new high of 6.47% in the euro era. Last time treasury bonds auction The yield is 6.29%. Then the euro fell below the 1.3 key point against the dollar.

According to statistics from the British Bureau of statistics, the unemployment rate in Britain has reached a new high of 8.3% in 17 years due to the impact of the euro zone crisis. The unemployment rate increased by 128 thousand to 2 million 640 thousand in the three months from August to October, up 0.4% over the previous three months.

Ifo, the German Institute of economics in Munich, lowered the expected growth rate of German economy in 2012, saying that unless the euro crisis worsens, Germany can avoid recession. Ifo14 announced that Germany's economic growth forecast will be reduced from 2.3% to 0.4% next year, and this year's expected growth will be reduced from 3.3% to 3%.

The Fed has announced that it will keep interest rates unchanged, without giving any hints about the new round of quantitative easing. The Federal Open Market Committee (FOMC) said in a statement, "the US economy has been growing moderately, but the global economic growth has slowed down significantly."

Domestic side: the central economic work conference concluded on Wednesday clearly stated that we should continue to maintain a proactive fiscal policy and prudent monetary policy next year. The steady growth and price control of economic targets will become equally important.

The conference said that in the next year, the world economic situation will continue to be very grim and complicated, and the instability and uncertainty of the world economic recovery will rise. We should pay more attention to coordinating the two overall situations at home and abroad, strengthen strategic planning and enhance coping ability, foster strengths and circumvent weaknesses, and seek advantages and avoid disadvantages.

Although China has set the tone for a prudent monetary policy next year, the policy of "tight" policy has shifted to "loose" after the economic recovery has not yet been restored. At the beginning of this month, the deposit reserve ratio fell for the first time in three years, which is just the beginning of a new round of easing measures.

The financial data released by the central bank on Wednesday showed that the new credit in November dropped to 562 billion 200 million yuan, but slightly higher than market expectations. Both the M2 and M1 growth rates, which are the lowest in the year, show that bank lending still suffers from many constraints. Analysts expect that the central bank will continue to adjust the deposit rate several times, which will bring sufficient vitality to the economy, but interest rate cuts may not be able to see yet.

Analysis of cotton futures and current market outlook: Recently, domestic cotton spot prices have been temporarily stable, and enquiries have increased in some areas. In textile, raw materials such as cotton, polyester, short and viscose, the price of downstream related yarn has been reduced, and the turnover has improved. Among them, pure cotton yarn in the cotton market stopped, the behavior of price reduction has been significantly reduced, but the volume has not increased significantly.

The spot sale of lint is still not much, but the inquiry price of textile mills has increased. The 400 type processing enterprises are still the main ones, and the enterprises are the priority high-grade cotton storage and storage, and the four grade cotton is second. Due to the greater impact from the external market, the repeated price of cottonseeds in China has led to obvious fluctuations in the cost of the enterprises. Textile mills purchase a small amount of products and buy them on the market. Recently, the ICE cotton prices continued to decline.

As of Wednesday 2011, cotton temporary storage and storage totaled 1531300 tons, and Xinjiang totaled 1045120 tons. The total volume of transactions in the mainland was 486180 tons. Zheng cotton 1205 contract rebounded on Wednesday, the 20700 front-line pressure level is larger, the upper and lower space is relatively limited, short-term continuation of the 20000--20700 Interval Oscillation trend does not change.