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Report Summary 1. Market Review - The main cotton futures contract closed with a small negative line this week. The closing price was 14,170 yuan per ton, down 100 points from last week's close [1] 2. News - The improvement of US unemployment data may affect the interest - rate cut policy. Brazilian association data shows a 7% year - on - year increase in cotton production, and consumption is on par with the average of the past five years. In China, high temperatures in Xinjiang this week have affected cotton growth [2] 3. Fundamentals - In terms of supply, it is generally tight. Port inventories are at a 20 - month low, and domestic cotton destocking was evident this week. On the demand side, downstream textile mills are in the off - season, with a declining operating rate. Enterprises are replenishing inventory normally. Cotton inventory decreased by 267 lots this week, and the basis rate is around 8.53% [3] 4. Global Supply and Demand Forecast - The USDA's global cotton supply - demand forecast monthly report shows that in the 2024/25 season, global production, consumption, trade volume, and beginning and ending inventories have all been revised down [5]