Zheng cotton price instability

Zheng Cotton 1205 contract opened at 20,200 yuan/ton on Tuesday, closing at 20,120 yuan/ton, down 120 yuan/ton from the previous trading day, a decrease of 0.59%; the trading volume was maintained at 48,900 lots, and the position decreased by 314 lots to 185,500 yuan. hand. China's cotton price index (ccindex328) reported 19,122 yuan/ton, down by 20 yuan/ton from the previous day. China's cotton import price index (fcindexm) reported at 106.71 cents/lb, a sharp drop of 2.35 cents. Together with 1% tariff 17310 yuan / ton, combined sliding tax 17785 yuan / ton.

International: On Tuesday, bad news came from Spain. The auction yield of the 3 billion euro short-term Treasury bond soared, with the yield ratio of 2.01 billion March debt rising from 2.192% before January to 5.11%.

The rating agency Dagong announced today that it has lowered the credit ratings of the Greek and foreign currency countries from ccc to c, and stated that the new round of assistance plans proposed by the EU could not effectively restore solvency in the medium to long term. At present, Greece itself has completely lost its solvency. , had to prepare for a large-scale debt restructuring. This is Dagong's downward adjustment of the Greek rank again in June.

The U.S. Department of Commerce announced that the annual growth rate of gdp in the third quarter of 2011 was 2.0% (corrected). According to a Bloomberg survey, economists expect an average of 2.4%. The initial value of the growth rate of gdp in the third quarter was 2.5%. According to the statistical rules of the United States, the growth rate of gdp will be published in three editions, which are initial value, revised value and final value.

After the US stocks closed on Monday, the Joint Special Committee on Deficit Reduction confirmed that the committee members could not reach agreement on reducing the $1.2 trillion deficit in the next 10 years. Therefore, the United States may start the reduction of the deficit of 1.2 trillion US dollars starting from 2013.

As of 09:34 (November 22 22:34, Beijing time), the Dow Jones Industrial Average fell 53.81 points to 11,493.50 points, or 0.47%; the Nasdaq Composite Index fell 7.09. Point, reported 2,516.05 points, a decrease of 0.28%; Standard & Poor's 500 index fell 4.02 points to 1,188.96 points, a drop of 0.34%.

Domestic side: According to the World Bank, the growth rate of the Chinese economy this year will be lower than last year. The Chinese economy is expected to grow by 9.1% this year, slightly higher than its estimate of 9.0% in March. The World Bank also stated that the pace of growth of China's economy in 2012 may have slowed to 8.4% due to weak external demand, which hurts investment and exports. It also stated that monetary policy tightening has also restrained investment this year, but due to the weakening of inflation, so far There is more room to normalize monetary policy.

The Zhejiang Rural Credit Information System was allowed to reduce the deposit reserve ratio of some institutions by 0.5 percentage points to 16%. The recent "directional loose, fine-tuning" of the wind blows. Hu Xiaolian, deputy governor of the Central Bank, recently proposed to adjust and adjust the control parameters in accordance with the capital adequacy ratios, sound operating conditions, and implementation of state credit policies within the framework of macro-prudential policies, and provide services for the above-mentioned areas. Financial institutions are properly tilted.

The market interprets today’s news as the opening of an easing monetary policy, and this partially reduces the expected increase in the deposit reserve ratio and even the possibility of a full-scale downward adjustment.

In the cotton period and current market outlook, the spot price of domestic cotton continues to fall, market sales are unusually deserted, the downstream yarn market is sluggish, prices continue to fall along with the raw materials, the current cotton textile industry as a whole is sluggish, and cotton processing companies are discontinued or semi-discontinued. Prices quoted in the main port of China's cotton continued to drop sharply, with all varieties generally falling by 1-3 cents. Judging from the current situation, the negative effect of the foreign macroeconomic situation on the cotton market is becoming increasingly prominent. Before the economic situation in Europe and the United States is still unclear, the price of cotton can only be supported by the State Reserve policy. As of Tuesday, 2011, the cumulative transaction volume of cotton in 2011 was 738,810 tons. The cumulative turnover of Xinjiang was 523,680 tons, and the cumulative turnover in the Mainland was 215,130 tons.