Group 1 - As of July 31, 2025, the inventory of pulp at major ports in China is 2.105 million tons, showing a decrease of 38,000 tons from the previous period, a decline of 1.8% [1] - The current spot prices for pulp are reported as follows: Shandong Yinxing at 5,920 CNY/ton, Jiangsu-Zhejiang-Shanghai Russian needle pulp at 5,420 CNY/ton, and broadleaf pulp at 4,150 CNY/ton [1] - In June, the total pulp imports amounted to 3.031 million tons, reflecting a month-on-month increase of 0.5% and a year-on-year increase of 16.3%, with broadleaf pulp imports exceeding the same period last year [1] Group 2 - According to Zhengxin Futures, the futures market for pulp is currently dominated by macroeconomic sentiment, with expectations for SP2509 futures contracts to fluctuate between 5,210 and 5,360 [2] - The market is advised to focus on short-term trading strategies, particularly when rebounds are met with resistance or when corrections find support [2] - Ruida Futures notes that pulp port inventories are at a high level compared to the same period, with overall downstream demand being weak and overseas pulp prices declining [3]
基本面矛盾未解 纸浆期货震荡调整为主
Jin Tou Wang·2025-07-31 08:29