金信期货纸浆日刊-20250905

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The pulp futures have stopped falling, and it is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season. It is recommended to wait and see. The pulp price is supported by the peak - season expectation and enterprises' active shutdown for price hikes, and the view of oscillation is maintained [2][4][7] Group 3: Summary According to Related Catalogs Hot - Spot Focus - The spot price of Shandong softwood pulp remained stable today, and the port inventory started to decline slightly but was still higher than the same period last year. At the beginning of September, the paper products industry saw a price - adjustment wave, with many product companies implementing a dual strategy of price hikes and shutdowns. The peak - season expectation supported the product prices [2][3] Supply and Demand Analysis - On the supply side, the supply of hardwood pulp remained loose, and Brazil's pulp exports in August increased by 35% year - on - year. On the domestic demand side, there were minor fluctuations. Among the four major paper types, the production of offset paper and household paper increased year - on - year, while that of white cardboard and coated paper decreased. The improvement of raw paper orders was limited, dragging down the pulp market [4] Technical Analysis - The pulp price in Shandong area was stable today, the market showed signs of stopping falling, but the upward drive was limited, and the trading sentiment was light. It is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season [7] Main Force Trends - The short - selling main force of pulp reduced positions, which was bullish [9]