国泰君安期货：原木：主力切换，宽幅震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The log market shows a pattern of main contract switching and wide - range fluctuations [1] - The trend strength of logs is 0, indicating a neutral outlook [3] Group 3: Summary by Related Catalogs Fundamental Tracking - Contract Data: For the 2509 contract, the closing price was 785.5 on 2025/7/8 with a daily decline of - 0.2% and a weekly decline of - 0.9%; the trading volume was 15821 with a daily decline of - 3.7% and a weekly decline of - 3%; the open interest was 21351 with a daily decline of - 1.7% and a weekly increase of 2%. Similar data is presented for 2511 and 2601 contracts, showing different trends in closing prices, trading volumes, and open interests [1] - Spot - Futures Relationship: The basis between spot and 2509 contract was - 35.5 on 2025/7/8 with a daily decline of - 4.1% and a weekly decline of - 17%. Similar trends are observed for other contract - spot relationships [1] - Inter - contract Spreads: The spread between 2509 - 2511 was 3.5 on 2025/7/8 with no daily change and a 46% weekly decline; the spread between 2509 - 2601 was 4.5 with an 80% daily increase and a 44% weekly decline [1] - Spot Market: Most spot prices of different types of logs and wood products in Shandong and Jiangsu markets remained stable, with only a few showing slight weekly increases, such as 3.9 - meter 40 + radiata pine in Shandong market with a 2.4% weekly increase and in Jiangsu market with a 2.5% weekly increase [1] Macro and Industry News - On July 7 (local time), US President Trump signed an executive order to extend the so - called "reciprocal tariff" suspension period from July 9 to August 1 [3]