Demand Fatigue Was Inhibited By &Nbsp; Zheng Cotton Remained Rational.

On Tuesday, Zheng cotton 1205 contract rose slightly in early trading today, followed by a concussion, finally closed at 20775 points, up 95 yuan / ton compared with the previous trading day, or 0.46%, increased turnover to 194 thousand and 900 hands, and increased 35482 positions to 203 thousand hands. The outside market: American cotton is closed on Christmas day. Other quotations: domestic cotton 328B electronic matching transaction statistics (noon):1 monthly average price of 19485 yuan (-108), the average price in March was 20130 yuan (-41). Domestic cotton 328 price index: 19159 yuan ton (+3).

International side: according to the data released by the European Central Bank on Tuesday, the use of the overnight deposit instruments of the European Central Bank has reached a record high at 26, which is mainly related to the safe haven of the eurozone banks to regard the central bank as redundant funds.

On the 26 day, the European bank's overnight deposits in the ECB amounted to 411 billion 813 million euros, more than 346 billion 994 million euros last Thursday. Last Thursday was the day before Christmas holiday in Europe. The 411 billion 813 million euro number on Monday also surpassed the original record of 384 billion 300 million euros in June 2010.

Such a high overnight deposit of the central bank indicates that the interbank lending market is still in a state of continuous distrust. Banks are more inclined to choose low risk ECB deposit tools rather than interbank loans.

In addition, the innovation is high. Central Bank Overnight deposits also indicate that the market is not fully convinced that last week the European Central Bank's huge long-term loans are enough to stabilize the eurozone banking industry. Last week, the European Central Bank's lending to the eurozone banking industry increased by nearly 500 billion euros, hoping to ease the market's worries about the new round of credit crunch, after the banking industry from the market. To loan Great difficulties have been encountered.

The US side: the S & P announced that in October, the Case-Shiller index of the 20 big cities in the US fell by 0.6%. According to Bloomberg survey, economists expected an average of 0.4% down. In September, the CS housing price index fell by 0.6%.

The TheConferenceBoard announced that the consumer confidence index was 64.5 in December. According to Bloomberg survey, economists averaged 59 points. Consumer confidence was the 56 point in November.

Domestic side: China's State Administration of foreign exchange said Tuesday that as of the end of 9 2011, China's external debt balance was $697 billion 200 million, which was higher than the $548 billion 900 million at the end of 2010, of which the short-term external debt (residual period) accounted for 72.8%, up 4.4 percentage points from the end of 2010.

Analysts said that the current short-term foreign debt is relatively high, which is not a big concern for China, because China's external debt is not large compared to its foreign exchange reserves of $3 trillion and 200 billion.

The foreign exchange bureau said that as at the end of September, in the balance of registered foreign debts, dollar Debt accounted for 75.8%, up 5.4 percentage points from the end of last year. Japanese debt accounted for 8.1%, down 0.45 percentage points from the end of last year, and euro debt accounted for 7.2%, an increase of 2.8 percentage points from the end of last year.

Analysis of cotton futures and current market outlook: Recently, spot prices have stabilized and spot market enquiries have increased. However, due to concerns about orders and downstream products sales, textile enterprises are cautious in purchasing, many enterprises still adopt small purchase strategy and first look for buyers' reproduction strategy, which is actually a low turnover. New year's Day is approaching. In previous years, it was time for textile enterprises to concentrate their replenishment, but this year, due to insufficient orders, procurement did not significantly enlarge and the spot market was weak. In the textile industry, there is a widespread phenomenon of limiting production and shutting down production. Most of the cotton in the market will enter the national reserve, and later high-grade cotton may become more and more popular, while the imported cotton grades are relatively low. The market will continue to focus on the development of storage and storage and the way and amount of tax quota granted next year. In the face of the lack of speculation, the effect of policy on cotton prices is more obvious.

By the end of Tuesday 2011, cotton temporary storage and storage totaled 1919240 tons, with a total turnover of 1234640 tons in Xinjiang and a total turnover of 684600 tons in the mainland.

Zhengmian 1205 contract increased on Tuesday, and the price continued to test the 20800 front line pressure, but the weak demand for textile industry still increased, and the short term maintained a strong trend of interval shocks.