Cotton and cotton yarn market was astonished by the news

Cotton and cotton yarn market was astonished by the news that the onshore and offshore RMB continued to pull up and both rose above 6.80 recently. This round of appreciation began from Nov and in Dec gradually stabilized to the same level of last Aug, with a reasonable fluctuation. The fall of exchange rate prompted the recovery of cotton yarn procurement and stock, particularly for South East Asian yarn mills. Indian yarn mills had suffered high domestic cotton price for a while and was now able to lift their O/R to above 50%