Group 1: Report Investment Rating - There is no information about the industry investment rating in the report [1][2][3] Group 2: Core View - From December 22 - 28, 2025, the pre - arrival of New Zealand log ships at 13 Chinese ports was 9, a decrease of 6 from the previous week, a week - on - week decrease of 40%; the total arrival volume was about 309,000 cubic meters, a decrease of 215,000 cubic meters from the previous week, a week - on - week decrease of 41%. With low inventory and expected reduction in later shipments, some spot prices in Jiangsu increased last week. The fundamentals of the 03 contract have marginally improved, but weak demand limits the upward adjustment space. The market is expected to fluctuate within a range [3] Group 3: Summary by Related Catalogs Futures and Spot Prices - On December 26, the prices of log futures contracts showed different trends: the price of log 2601 was 766.0, up 0.5 (0.07%) from the previous day; log 2603 was 776.5, down 1.5 (-0.19%); log 2605 was 787.0, up 1.5 (0.19%). The prices of various spot logs at ports such as Rizhao and Taicang remained unchanged. The outer - market quotes for radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged [2] Supply - In terms of monthly supply, in November, the port throughput was 189.2 million cubic meters, down 12.1 million cubic meters (-6.01%) from October. The number of departing ships from New Zealand to China, Japan and South Korea was 49, down 5 (-9.26%) from the previous period [2] Inventory - In terms of weekly inventory at major ports, as of December 19, the inventory in China was 260 million cubic meters, down 12 million cubic meters (-4.41%) from December 12. Inventory in Shandong and Jiangsu also decreased [2][3] Demand - In terms of weekly average daily outbound volume, as of December 19, the average daily outbound volume in China was 6.32 million cubic meters, down 0.14 million cubic meters (-2%) from December 12. The demand in Shandong decreased, while that in Jiangsu increased slightly [3]
广发期货原木期货日报-20251229
Guang Fa Qi Huo·2025-12-29 02:33