News Summary Core Viewpoint - The pulp futures market is experiencing a stable pricing environment, but the overall demand remains weak, leading to cautious procurement behavior from buyers [1][2][3]. Group 1: Market Adjustments - The Shanghai Futures Exchange has approved the relocation of Shanghai Yuansheng Storage Co., Ltd.'s pulp futures storage point, reducing the storage capacity from 15,000 tons to 5,000 tons [1]. - As of November 4, the top 20 futures companies held a total of 183,500 long positions and 206,300 short positions in pulp futures, resulting in a long-to-short ratio of 0.89 and a net position of -22,800 contracts, which increased by 2,531 contracts from the previous day [1]. Group 2: Pricing and Demand Analysis - Current spot prices for needle pulp are quoted at 5,350 CNY/ton, while Russian needle pulp in Jiangsu, Zhejiang, and Shanghai is priced at 5,100 CNY/ton. Broadleaf pulp is priced at 4,250 CNY/ton, with prices remaining stable [1]. - In Shandong, pulp prices are stable, supported by price increases from downstream paper companies. However, the supply-demand fundamentals have not shown significant fluctuations, and port inventory depletion is still below expectations, leading to a cautious purchasing sentiment [2]. - The demand for raw paper remains mixed, with a slow increase in pulp market demand. The traditional peak season for demand has started slowly, and the overall market demand is relatively weak [3].
供需基本面未明显波动 纸浆期货反弹空间有限
Jin Tou Wang·2025-11-05 06:03