金信期货纸业日刊-20251028

Report Overview - Report Date: October 28, 2025 [1] - Report Issuer: GOLDTRUST FUTURES CO., LTD - Report Type: Paper Industry Daily Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The pulp market is expected to remain weak and operate in a low - level oscillation. The double - offset paper futures price is expected to maintain a weak oscillation [4][14]. Summary by Related Catalogs Pulp Futures - Basic Situation: In Shandong, pulp prices are stable, and the supply - demand fundamentals have not changed significantly. From January to September, the cumulative import volume increased by 5.6% year - on - year to 295200 tons. As of October 17, the port inventory was 2.074 million tons, and the port destocking was lower than expected. Downstream procurement was cautious [4]. - Index Information: The report mentions the closing price and holding volume of the pulp index, but no specific data is provided [8]. - Main Force Trend: The short - side main force has reduced positions, which is bullish [23]. Double - Offset Paper Futures - Basic Situation: In Shandong, double - offset paper prices are stable. Pulp spot is facing a fierce game between high inventory and cost. Last week, the shut - down devices basically resumed production. The production inventory of double - offset paper enterprises was 1.315 million tons, a month - on - month increase of 1.2%. Downstream users mainly replenished orders based on rigid demand, and consumption was not significantly boosted [14]. - Index Information: The report mentions the closing price and trading volume of the double - offset paper index, but no specific data is provided [18]. - Main Force Trend: The short - side main force has reduced positions, which is bullish [23].