纸浆：震荡运行20260310

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report Core View - The pulp market is expected to fluctuate, with intraday fluctuations mainly driven by futures market sentiment and fund behavior. The supply - demand fundamentals have not changed significantly. It is recommended to pay attention to the persistence of the overall trend of crude oil and commodities, changes in the purchasing rhythm of downstream paper mills, and fund trends [4][5]. - In the short - term, the price of the household paper market may be range - bound, and it is necessary to focus on changes in raw material pulp prices and the release rhythm of orders on the demand side [5]. 3. Summary by Relevant Catalog 3.1 Fundamental Data - Futures Market: The daily - session closing price of pulp's main contract was 5,300 yuan/ton, down 22 yuan from the previous day; the night - session closing price was 5,320 yuan/ton, down 18 yuan. The trading volume increased by 245,073 lots to 528,134 lots, while the open interest decreased by 14,163 lots to 235,171 lots. The number of warehouse receipts increased by 9,115 tons to 163,436 tons, and the net position of the top 20 members decreased by 10,174 lots to - 44,935 lots [3]. - Spread Data: The basis of "Silver Star - futures main contract" was 50, up 72 from the previous day; the basis of "Goldfish - futures main contract (non - standard)" was - 700, up 22. The monthly spread of SP03 - SP05 was - 28, up 34 [3]. - Spot Market: Among coniferous pulp, the domestic price of Northwood and Cariboo was 5,600 yuan/ton; the price of Moon was 5,250 yuan/ton; the price of Silver Star was 2,350 yuan/ton, and its international price was 710 US dollars/ton. Among broad - leaf pulp, the price of Golden Island, Star, and other varieties ranged from 4,500 - 4,600 yuan/ton, and the international price of Star was 620 US dollars/ton. The price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural color pulp (Venus) was 4,850 yuan/ton with an international price of 620 US dollars/ton [3]. - Trend Intensity: The pulp trend intensity is 0, indicating a neutral view [3]. 3.2 Industry News - Yesterday, pulp futures rose following the general upward trend in the commodity market due to the sharp increase in crude oil prices at the opening. However, the price on the disk fell in the afternoon, and the capital sentiment quickly ebbed. In the spot market, the price of coniferous pulp fluctuated more after rising and then falling with the futures disk, while the price of broad - leaf pulp remained stable. Downstream paper mills mostly adopted a wait - and - see attitude, and the market sentiment became more cautious [4]. - The price of the household paper market remained stable, with little improvement in the overall trading atmosphere. The cost support of raw material pulp was limited, and the terminal demand was tepid. Some paper enterprises faced shipment pressure, and the inventory reduction process slowed down [5].