Cotton (11780,95.00,0.81%,) (fundamentals): December 2008 U.S. cotton consumption was 669,000 tons, in November to 872,000 tons, Japan in December cotton ring than to reduce consumption of 751 tons, year-on-year reduction in 1335 tons, as of January 22 of the weekly export sales report showed that bad; due to the Indian domestic cotton price rise and the impact of the global decline in demand of cotton, 08/09 annual Indian cotton exports are expected to decline 33%; decline in the impact of the Asian textile, Brazil Cotton exports decreased significantly, and the slow pace of port shipments are expected to Brazil 08/09 annual output of 1,265,000 tons, up 21.1 percent reduction; According to the U.S. textile situation, short-term demand for textile raw materials mainly light. (Technical): the United States during the holiday period fell 2.08 percent cotton, cotton price fell to 50 under, Zhou line market is still in shock, but in bad under the export data will continue to mainly disadvantaged. Preganglionic Zheng cotton is not a breakthrough platform concussion and concussion range has been shrinking, the overall status in sideways, in the current market as a whole no significant positive circumstances, the short-term period will remain the main shock. (Operation recommendations): wait-and-see-oriented.