Ruida Futures(SZ:002961) Jin Tou Wang·2025-12-22 07:03Group 1 - The main contract for pulp futures experienced a rapid increase, reaching a peak of 5650.00 yuan, with a current price of 5620.00 yuan, reflecting a rise of 2.33% [1] - The market sentiment is mixed, with strong expectations on the supply side due to high overseas prices and shutdown plans of foreign pulp mills, while the demand side shows weak transmission of price increases in downstream paper products [2] - The current market is driven by funds and expectations, but the actual fundamentals may not support high prices, indicating a risk of price correction if demand weakens or funds withdraw [2] Group 2 - According to customs data, the import volume of bleached softwood pulp in October 2025 was 691,000 tons, a month-on-month increase of 0.1% and a year-on-year increase of 6.0%, with a total import volume of 7.122 million tons for the year, up 2.7% year-on-year [3] - The profit margins for paper mills are low, leading to a primary focus on demand-based procurement of pulp, with overall demand weakening as indicated by declines in production rates for various paper types [3] - As of December 18, 2025, the inventory of mainstream pulp at Chinese ports was 1.993 million tons, showing a decrease of 43,000 tons from the previous period, marking a 2.1% decline, and indicating a continued trend of inventory reduction over four weeks [3]