Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - This year, apple production has decreased, the proportion of high - quality fruits is poor, and storage is more difficult. Market expectations suggest that the cold - storage inventory data is likely to be low. As of December 3, 2025, the cold - storage inventory of apples in the main producing areas was 7635100 tons, a decrease of 32400 tons from the previous week. The cold - storage inventory peak this year is at a low level compared to the same period in previous years, and the apple quality is relatively poor. Therefore, the effective inventory is expected to be low, and the apple fundamentals are strong [5]. - For trading strategies, in the unilateral market, due to the relatively poor quality of new apples, fruit prices are somewhat supported, but demand is average. Apple prices are expected to fluctuate at a high level. For arbitrage, it is recommended to go long on the January contract and short on the October contract. For options, it is recommended to wait and see [6][7][8]. Group 3: Summary by Directory Market Information - **Spot prices**: The Fuji apple price index is 109.06, an increase of 1.15 from the previous day. The prices of some varieties such as Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80, etc., remain unchanged. The average wholesale price of 6 kinds of fruits is 7.51, also unchanged [2]. - **Futures prices**: AP01 is at 9659, up 41 from the previous close; AP05 is at 9505, down 5; AP10 is at 8490, up 10. The spreads between some contracts have also changed, such as AP01 - AP05 increasing by 46, AP05 - AP10 decreasing by 15, etc. [2]. - **Basis**: The basis of Qixia first - and second - grade 80 against different futures contracts has also changed, for example, Qixia first - and second - grade 80 - AP01 decreased by 41 [2]. Market News and Views - **Transaction logic**: Low production, poor fruit quality, and low cold - storage inventory lead to strong apple fundamentals [5]. - **Transaction strategies**: Unilateral trading expects high - level fluctuations; arbitrage recommends going long on January and short on October; options suggest waiting and seeing [6][7][8]. - **Other data**: As of December 3, 2025, the cold - storage inventory of apples in the main producing areas was 7635100 tons, a decrease of 32400 tons from the previous week. In October 2025, the import volume of fresh apples was 3100 tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 was 111200 tons, a year - on - year increase of 19.18%. The export volume in October 2025 was about 80400 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [5][8]. Related Attachments - The report provides 10 graphs, including the prices of Qixia first - and second - grade paper - bagged 80 apples, Luochuan semi - commercial paper - bagged 70 apples, AP contract basis, spreads between different AP contracts, apple arrival volumes in some markets, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple outbound volume [10][13][16].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The cotton price broke through the previous platform and showed strong momentum, and it is expected to remain strong in the future due to favorable fundamental and macro factors. It is recommended to buy long positions on dips. [6] - The US cotton is expected to trade in a range, while the Zhengzhou cotton is expected to trend upward with fluctuations. [7] - For the cotton market, it is advisable to adopt a wait - and - see strategy for arbitrage and options trading. [8][9] 3. Summary by Relevant Catalogs 3.1 Market Information - **Futures Market**: The closing prices of CF01, CF05, and CF09 contracts were 13,860, 13,850, and 14,025 respectively, with price increases of 80, 90, and 125. The trading volumes of CY01, CY05, and CY09 contracts were relatively small, at 227, 8, and 2 lots respectively. [2] - **Spot Market**: The CCIndex3128B price was 15,013 yuan/ton, up 14 yuan. The Cot A price was 73.95 cents/pound. [2] - **Price Spreads**: In cotton cross - period spreads, the 1 - 5 spread was 10 (down 10), the 5 - 9 spread was - 175 (down 35), and the 9 - 1 spread was 165 (up 45). In cotton - yarn cross - period spreads, the 1 - 5 spread was - 180 (down 55), the 5 - 9 spread was - 130 (down 10), and the 9 - 1 spread was 65. [2] 3.2 Market News and Views 3.2.1 Cotton Market News - In the US cotton - growing regions, the average temperature decreased and precipitation was stable. The La Nina climate in the Northern Hemisphere winter may lead to lower - than - normal temperatures and potential drought during the sowing season. [4] - The Indian Cotton Association (CAI) adjusted the 2025/26 cotton balance sheet, with increased production, imports, and exports, and decreased domestic demand, resulting in a continued increase in ending stocks. [4] - In Pakistan, as of November 30, 2025, the new cotton market volume decreased by 1% year - on - year, textile mills' purchases decreased by 4% year - on - year, and unsold cotton increased by 16% year - on - year. [5] 3.2.2 Trading Logic - Fundamentals: The 2025/26 new cotton had a good harvest, and the sales progress was fast. There were rumors that the cotton planting area in Xinjiang might decrease next year, and Xinjiang textile mills were expected to expand production capacity. [6] - Macro - factors: The easing of Sino - US relations and the mutual reduction of tariffs were beneficial to China's textile and clothing exports. [6] 3.2.3 Trading Strategies - **Single - side trading**: The US cotton is expected to trade in a range, while the Zhengzhou cotton is expected to trend upward with fluctuations. [7] - **Arbitrage and Options**: Adopt a wait - and - see strategy. [8][9] 3.2.4 Cotton - yarn Industry News - The trading in the pure cotton yarn market was average, with high - count combed yarns selling well and inventories of other varieties slightly increasing. Spinners' price increases were somewhat accepted by downstream buyers, but the cash - flow situation was still not optimistic. [9] - The trading in the all - cotton grey fabric market remained light, and manufacturers were mainly focused on inventory digestion. [9] 3.3 Options - On November 24, 2025, for the CF601C13400.CZC option, the closing price was 183.00, with a 71.0% increase; for the CF601P13000.CZC option, the closing price was 7.00, with a 75.9% decrease; for the CF601P12400.CZC option, the closing price was 2.00, with an 83.3% decrease. [11] - The 10 - day historical volatility (HV) of cotton increased slightly. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 6.7%, 11.4%, and 17.8% respectively. [11] - The PCR of the main contract of Zhengzhou cotton decreased in both open interest and trading volume. It is recommended to adopt a wait - and - see strategy for options trading. [12][13] 3.4 Relevant Attachments The report provides multiple charts, including the 1% tariff - adjusted domestic and international cotton price spreads, cotton basis for January, May, and September contracts, CY - CF spreads, and CF cross - period spreads. [15][18][22][23]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Short - term peanut prices are relatively stable with supply increasing and downstream demand weak. Peanut futures will remain in high - level oscillations, and Peanut 01 has room to decline. [3][7] - Peanut oil and peanut meal prices are stable, and oil mills' theoretical profit from pressing is good. [5][7] Group 3: Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 8030, up 18 (0.22%), with a trading volume of 70,538 (up 4.79%) and an open interest of 29,799 (up 6.23%); PK510 closed at 8220, down 2 (-0.02%), with a trading volume of 101 (up 53.03%) and an open interest of 805 (up 5.23%); PK601 closed at 8088, up 18 (0.22%), with a trading volume of 17,941 (down 21.37%) and an open interest of 52,878 (down 7.99%) [1] - **Spot and Basis**: Spot prices in Henan Nanyang were 7800, Shandong Jining and Linyi were 8200. Rizeshao peanut meal was 3250, Rizeshao soybean meal was 3030 (up 20), peanut oil was 14380, and Rizeshao first - grade soybean oil was 8440. Imported Sudanese peanuts were 8600, and Senegalese peanuts were 7600 [1] - **Spreads**: PK01 - PK04 spread was 58 (unchanged), PK04 - PK10 spread was - 190 (up 20), PK10 - PK01 spread was 132 (down 20) [1] Second Part: Market Analysis - Peanut prices in Henan are weak, while those in the Northeast are stable. Imported peanut prices are stable. It is expected that short - term peanut spot prices will be relatively stable. Some peanut oil mills have raised their purchase prices, and peanut oil and soybean oil prices are stable. Rizeshao soybean meal prices have increased, and short - term peanut meal is strong [3][5] Third Part: Trading Strategies - **Single - side**: Peanuts 01 and 05 are in high - level oscillations. Short sell Peanut 01 at high prices [8] - **Monthly Spread**: Conduct reverse arbitrage on the 1 - 5 spread at high prices [9] - **Options**: Sell pk603 - P - 8200 at high prices [10] Fourth Part: Related Attachments - The report provides charts of Shandong peanut spot prices, peanut oil mill pressing profits, peanut oil prices, peanut spot and continuous contract basis, peanut 10 - 1 contract spreads, and peanut 1 - 4 contract spreads [12][18][21]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - With the recent increase in the number of culled chickens, the previous supply pressure has been alleviated. It is expected that the short - term de - capacity speed will be relatively gentle. The near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be built at low prices as the supply pressure eases [7]. Group 3: Summary by Directory 1. Futures Market - **Futures Prices**: JD01 closed at 3144, down 9 from the previous day; JD05 closed at 3559, up 8; JD09 closed at 4060, up 6 [2]. - **Inter - month Spreads**: The 01 - 05 spread was - 415, down 17; the 05 - 09 spread was - 501, up 2; the 09 - 01 spread was 916, up 15 [2]. - **Ratio with Feed**: 01 egg/corn was 1.40, down 0.01; 01 egg/soybean meal was 1.02, down 0.01. Other ratios remained unchanged [2]. 2. Spot Market - **Egg Prices**: The average price in the producing areas was 3.03 yuan/jin, up 0.02 yuan/jin from the previous day, and the average price in the selling areas was 3.22 yuan/jin, unchanged [2]. - **Culled Chicken Prices**: The average price of culled chickens was 3.93 yuan/jin, up 0.03 yuan/jin [2]. 3. Profit Calculation - **Costs**: The average price of corn was 2356, down 1; the average price of soybean meal was 3092, unchanged; the average price of egg - laying chicken feed was 2.58, unchanged [2]. - **Profits**: The average price of culled chickens was 3.93, up 0.03; the average price of chicks was 3.21, up 0.04; the profit per chicken was 1.91 yuan, up 0.96 from the previous day [2]. 4. Fundamental Information - **Price Trends**: The average price in the main producing areas was 3.02 yuan/jin, up 0.04 yuan/jin, and the average price in the main selling areas was 3.22 yuan/jin, up 0.02 yuan/jin. Egg prices in Beijing increased, and prices in different regions showed a pattern of rising and stabilizing [4]. - **Inventory**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month, and an increase of 5.5% year - on - year. The estimated inventory in December 2025, November, February, and March was 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5]. - **Sales and Inventory**: As of December 5, the sales volume of eggs in representative selling areas decreased by 4% week - on - week. The average weekly inventory in the production and circulation links increased [6]. 5. Trading Logic - The recent increase in the number of culled chickens has alleviated the supply pressure. The short - term de - capacity speed is expected to be gentle. Near - month contracts are expected to fluctuate within a range, and far - month contracts in April and May can be considered for long positions at low prices [7]. 6. Trading Strategies - **Single - side**: It is expected to fluctuate within a range in the short term. Long positions can be considered for far - month contracts at low prices [8]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [10].

大宗商品研究所 航运研发报告 期货从业证号： F3084078 投资咨询证号： Z0018656 航运日报 2025 年 12 月 11 日 航运日报 研究员：贾瑞林 第一部分 集装箱航运——集运指数（欧线） 1 / 6 大宗商品研究所 航运研发报告 一、市场分析及策略推荐 市场持续消化 1 月宣涨预期，02 合约提前打入部分旺季预期，今日 EC 盘面维持震 荡偏强：从盘面表现来看，12 月 11 日，EC2602 收盘报 1689 点，较上一日收盘价+1.43%。 12/5 日 SCFI 欧线报 1400 美金/TEU，环比-0.28%。周一盘后放出最新一期 SCFIS 欧线 报 1509.10 点，环比+1.72%，略低于市场预期，主因 11 月底部分船司甩柜加船期延误所 致。另外，今日 CMA CGM 放出 1 月初线上报价 4500 美金/FEU，关注后续市场实际订 舱情况以及宣涨落地幅度。 【逻辑分析】 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数(欧线)日报 | | | | | | | | | --- | --- | --- | --- | -- ...

股指期货数据日报 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7408.24 | -1.30% | 23,402 | | 9 % | 3,819 | | 6 % | | | | | | IM2512 | 7304.60 | -0.95% | 114,206 | | 6 % | 1,676 | | 6 % | 152,560 | -11,346 | 267 | | | IM2601 | 7222.80 | -0.97% | 13,373 | | 23% | 194 | | 23% | 29,304 | 2,033 | 5 | 1 | | IM2603 | 7063.00 | -0.94% | 48,158 | | 8 % | 683 | | 8 % | 121,558 | 5,599 | 206 | | | IM26 ...

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 11 日 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2243 | 2 | 0.09% | 561,381 | -19.30% | 575,999 | -9.64% | | C2605 | | 2267 | 2 | 0.09% | 93,008 | -21.89% | 442,055 | 0.93% | | C2509 | | 2281 | 2 | 0.09% | 4,333 | -45.52% | 34,749 | 0.72% | | CS2601 | | 2523 | -9 | -0.36% | 87,796 | -20.76% | 167,795 | -4.88% | | CS2605 | | 2576 | -8 | - ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current fundamentals of pulp are not optimistic, with a loose supply - demand situation for wood pulp and a record - high warehouse receipt out - flow. However, the pulp price is at a relatively low valuation level and may be oversold [3]. - The pulp price is affected by multiple factors. From a cyclical perspective, it may be close to the support level; from the international oil price perspective, the stabilization of oil price provides some support; and the large - scale warehouse receipt cancellation and out - flow also indicate a low - valuation situation [3]. - The consumption structure is favorable for broad - leaf pulp, and there is a possibility that the broad - leaf pulp is undervalued, and the balance sheet data supports the strengthening of the spread between broad - leaf and coniferous pulp [38][46]. 3. Summary According to Relevant Catalogs 3.1 Pulp Fundamentals - **Upstream**: Wood chip costs are declining, such as the fall in CME wood futures settlement prices, the decrease in the Russian wood products business confidence index, the increase in coniferous wood chip imports, and the decline in the import value index of wood chips and wood pellets [3]. - **Downstream**: The inventory of finished paper is piling up. In March, the inventory of finished products in the domestic paper industry increased month - on - month to 76.45 billion yuan, a year - on - year increase of 4.5%, and it has been increasing monthly for 12 consecutive months. In March, the inventory - to - sales ratio of US paper product wholesalers rose to 1.06% month - on - month, a year - on - year increase of 5.8%, and it has been rising monthly for 10 consecutive months [3]. 3.2 Valuation and Cycle - In the 7 - year cycle, in the first year (1990, 1997, 2004, 2011, 2018, 2025), the pulp price changes from year - on - year increase to year - on - year decrease, and the decline is generally no more than - 23%. Currently, the pulp price has a year - on - year decline of - 19%, which is close to the low - valuation level and may be oversold [3]. - The pulp price seems to have good regularity in the first three years of the seven - year cycle. According to this rule, the support level of the pulp price in 2025 is around a year - on - year decline of - 23%, and currently, the SP has reached a year - on - year decline of - 20%, close to the support level [13]. 3.3 Factors Affecting SP Single - Side - **Wood Chip Cost**: From May to now, the average closing price of the near - month CME wood futures is 545 US dollars per thousand board feet, a year - on - year increase of + 6.4%, with 9 consecutive months of marginal decline, which is negative for SP single - side [14]. - **Russian Wood Products Business Confidence Index**: In April, the index was - 10 points, a month - on - month decline, hitting a new low since September 2023, a year - on - year decline of - 13 points, with 11 consecutive months of marginal decline, negative for SP single - side [16]. - **Import Volume**: In March, the imported volume of coniferous pulp increased by 906,000 tons month - on - month, the imported volume of coniferous wood chips decreased by 9,000 tons month - on - month, and the total converted wood pulp volume was 910,000 tons, a year - on - year decrease of - 6.2%, with 2 consecutive months of marginal increase, negative for SP single - side [18]. - **Import Value Index of Wood Chips or Wood Pellets**: In March, the index was 102.8 points, a month - on - month increase, a year - on - year decrease of - 3.5%, with both month - on - month and year - on - year increases, slightly positive for SP single - side [21]. - **Profit of the Paper Industry**: In March, the cumulative profit of the domestic paper industry declined by - 16.9%, with profits deteriorating for 6 consecutive months, negative for SP single - side [22]. - **Inventory of Finished Products in the Paper Industry**: In March, the inventory of finished products in the domestic paper industry was 76.45 billion yuan, a month - on - month and year - on - year increase of + 4.5%, with 12 consecutive months of marginal increase, negative for SP single - side [24]. - **International Crude Oil Price**: In April, the price was 65.9 US dollars per barrel, a month - on - month and year - on - year decline, hitting the largest decline since August 2023, with 3 consecutive months of month - on - month and year - on - year decline, negative for SP single - side [26]. - **Inventory - to - Sales Ratio of US Paper Product Wholesalers**: In March, the ratio was 1.06%, a month - on - month and year - on - year increase of + 5.8%, with 10 consecutive months of marginal increase, negative for SP single - side [28]. 3.4 Paper Production and Pulp Consumption - In April, domestic double - offset paper production was 832,000 tons, copperplate paper production was 334,000 tons, white cardboard production was 1.32 million tons, and tissue paper production was 1.258 million tons. The consumption of broad - leaf pulp was 2.27 million tons, and the consumption of coniferous pulp was 538,000 tons. The consumption ratio of broad - leaf to coniferous pulp in domestic finished paper was 4.22 times, a year - on - year increase of + 7.5%, with 5 consecutive months of marginal increase [38]. 3.5 Balance Sheet Data - **Supply**: In March, the import of non - coniferous wood chips was 1.492 million tons, broad - leaf pulp was 1.47 million tons, coniferous wood chips was 9,000 tons, and coniferous pulp was 906,000 tons. The ratio of broad - leaf fiber to coniferous fiber was 2.43 times, a year - on - year increase of + 21.8%, with the growth rate of broad - leaf fiber slowing down for 2 consecutive months [47]. - **Inventory**: In April, the social inventory of four ports (Qingdao, Changshu, Gaolan, and Tianjin) was 2.047 million tons, and the total inventory of the SHFE SP contract was 346,000 tons. The ratio of the two was 5.91 times, a year - on - year increase of + 26.9%. The relatively slow inventory accumulation of broad - leaf pulp is positive for the spread between broad - leaf and coniferous pulp [47]. - **Consumption**: In March, the consumption of coniferous pulp in Europe was 273,000 tons, a year - on - year decrease of 20,000 tons, with 4 consecutive months of marginal decrease, which is relatively negative for coniferous pulp consumption and positive for the spread between broad - leaf and coniferous pulp [48].

需求疲弱，成本支撑，造纸板块底部震荡 银河化工 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 目录 第一部分 综合分析与交易策略 第二部分 核心逻辑分析 第三部分 周度数据跟踪 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 【逻辑分析】 【策略】 1.单边：SP2501：观望，若港口库存跌破200万吨且基差走强，可反手做多。OP2501：观望为主，背靠现货下沿做空。 2.套利：关注SP11-1反套机会。 3.期权：SP期权观望，OP期权，卖出OP2601-C-4400 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 纸 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The spot log market shows a pattern of "high supply, increasing inventory, and weak demand", with supply expected to remain relatively high and demand remaining weak. Cost is the main supporting factor, and attention should be paid to the risk of log price increases caused by new fees for US ships starting from October 14, 2025 [7][8] Group 3: Summary by Directory Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: The spot prices of radiata pine in Shandong and Jiangsu have remained flat for two consecutive weeks, still 5 - 9% lower year - on - year. The price of spruce in Shandong is at a high for the year. This week's arrival volume was 456,000 cubic meters, a 79% week - on - week increase. The total inventory of 13 ports was 2.99 million cubic meters, a 4.6% week - on - week increase. The daily average outbound volume was 57,000 cubic meters, a 12.7% week - on - week decrease. The construction fund availability rate slightly decreased to 59.4% [7] - **Logic Analysis**: Supply is expected to remain relatively high, and high port inventory suppresses spot prices. Demand is weak, with slow recovery in the real estate and infrastructure sectors. The cost side is the main support, as imports are still at a loss. New fees for US ships may lead to log price increases [8] - **Strategy**: For unilateral trading, it is recommended to wait and see, and aggressive investors can place a small number of long orders. For arbitrage and options, it is recommended to wait and see [9] Core Logic Analysis - **Supply**: New Zealand's log shipments to China increased in September compared to August. This week, 12 ships with 460,000 cubic meters of logs left New Zealand ports, with 7 ships and 260,000 cubic meters going directly to China. The expected arrival volume at 13 Chinese ports from October 13 - 19 was about 455,500 cubic meters, a 79% week - on - week increase [18][19] - **Inventory**: As of October 10, the total domestic log inventory was 2.99 million cubic meters, a 4.55% week - on - week increase. Radiata pine inventory increased by 4.68%, North American timber inventory remained flat, and spruce/fir inventory decreased by 5% [22] - **Demand**: As of October 10, the daily average outbound volume of 13 ports was 57,300 cubic meters, a 12.65% week - on - week decrease. As of October 14, the construction fund availability rate was 59.44%, a 0.1 - point week - on - week decrease [26] Weekly Data Tracking - **Prices**: In Shandong, the price of 3.9 - meter medium - grade A radiata pine at Rizhao Port was 760 yuan/cubic meter, unchanged from last week and 9.52% lower year - on - year. In Jiangsu, the price of 4 - meter medium - grade A radiata pine at Taicang Port was 780 yuan/cubic meter, unchanged from last week and 4.88% lower year - on - year. In Shandong, the price of 11.8 - meter spruce at Rizhao Port was 1150 yuan/cubic meter, unchanged from last week and 6.48% higher year - on - year [35][36] - **Downstream Wood Products Prices**: The mainstream transaction price of 3000*40*90 radiata pine wood in Shandong was 1280 yuan/cubic meter, and in Jiangsu it was 1270 yuan/cubic meter. The mainstream transaction price of 3000*40*90 spruce/white pine wood in Shandong was 1830 yuan/cubic meter, and in Jiangsu it was 1680 yuan/cubic meter [41] - **Import Log Costs**: In September 2025, the CFR price of 4 - meter medium - grade A radiata pine was 114 US dollars/cubic meter, a 2 - dollar decrease from last month. The CFR price of 11.8 - meter spruce was 128 euros/cubic meter, unchanged from last month [47]