Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The log futures market showed oscillatory movements. The main contract LG2603 closed at 778 yuan per cubic meter, up 2 yuan per cubic meter from the previous day. The spot price of the main benchmark delivery product increased by 10 yuan per cubic meter. The latest round of FOB quotes was 112 US dollars per JAS cubic meter. The inventory decreased significantly on a weekly basis, and the demand declined slightly. With the approaching New Zealand holidays, there is an expectation of reduced shipments in the future. It is expected that the market will mainly fluctuate within a range [2][3]. Group 3: Summary by Related Catalogs Futures and Spot Prices - Log 2601: Price on December 25th was 765.5, down 1.0 from December 24th, with a decline of -0.13% [2]. - Log 2603: Price on December 25th was 778.0, up 2.0 from December 24th, with an increase of 0.26% [2]. - Log 2605: Price on December 25th was 785.5, up 1.5 from December 24th, with an increase of 0.19% [2]. - Some spot prices remained unchanged, while the price of 4A medium radiata pine in Taicang Port increased by 10 yuan to 730 yuan, with a rise of 1.39% [2]. Import Cost - The RMB - US dollar exchange rate on December 25th was 6.997, down 0.01 from December 24th, with a decline of 0% [2]. - The import theoretical cost on December 25th was 771.33 yuan, down 1.40 from December 24th, with a decline of 0% [2]. Supply - The port throughput in November was 189.2 million cubic meters, down 12.1 million cubic meters from October, with a decline of -6.01% [2]. - The number of departing ships from New Zealand to China, Japan, and South Korea was 49, down 5 from the previous period, with a decline of -9.26% [2]. Inventory - As of December 19th, the total domestic coniferous log inventory was 260 million cubic meters, down 12 million cubic meters from the previous week, a decline of -4.41% [2][3]. Demand - As of December 19th, the average daily log outbound volume was 6.32 million cubic meters, down 0.14 million cubic meters from the previous week, a decline of -2% [2][3]. Forecast of Arrival - From December 22nd - 28th, 2025, the number of pre - arriving ships of New Zealand logs at 13 Chinese ports was 9, 6 less than the previous week, a week - on - week decrease of 40%. The total arrival volume was about 30.9 million cubic meters, 21.5 million cubic meters less than the previous week, a week - on - week decrease of 41% [3].
原木期货日报-20251226
Guang Fa Qi Huo·2025-12-26 07:04