Report Summary 1. Report Industry Investment Rating - The investment rating for the log sector in the agriculture, forestry, and livestock industry is "Bullish" [1] 2. Core Viewpoints - The domestic log spot market shows a regional upward trend, with the average price in Shandong and Jiangsu regions increasing by 10 yuan/cubic meter compared to before the holiday. The log arrival volume last week is expected to increase by 550,500 cubic meters month - on - month, with a significant trend of concentrated arrivals. Although it is during the holiday, most processing plants maintain normal production, but there is regional differentiation in demand. The overall inventory of coniferous logs decreased by 60,000 cubic meters in the week of September 26th, and the market still maintains an inverted price pattern between the domestic and foreign markets. The log 11 - contract is expected to fluctuate [1] 3. Summary by Relevant Catalogs Market Review - The log futures price corrected, and the closing price of the main 2511 contract was 828.5 yuan/cubic meter, up 1.41% [1] Important Information - The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 750 yuan/cubic meter, unchanged from the previous day and down 10 yuan/cubic meter from the previous week; the spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan/cubic meter, unchanged from the previous day and down 10 yuan/cubic meter from the previous week. As of August 15th, the weekly arrival volume of domestic coniferous logs was 339,000 cubic meters, a decrease of 166,500 cubic meters from the previous week. The average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 63,300 cubic meters, a decrease of 900 cubic meters from the previous week [1] Market Logic - The domestic log spot market shows a regional upward trend. The supply side indicates that the log arrival volume last week is expected to increase by 550,500 cubic meters month - on - month. In terms of demand, although it is during the holiday, most processing plants maintain normal production, but there is regional differentiation. The inventory data shows that the overall inventory of coniferous logs decreased by 60,000 cubic meters in the week of September 26th, and the market still maintains an inverted price pattern between the domestic and foreign markets [1] Trading Strategy - The log 11 - contract is expected to fluctuate [1]
格林大华期货早盘提示：原木-20251010
Ge Lin Qi Huo·2025-10-10 02:11