西南期货 纸浆期货市场周期内大幅下降 新世纪期货：预计浆价偏弱震荡为主 上一工作日现货市场价格由跌转为企稳盘整。针叶浆最新外盘价报跌20美元至720美元/吨，阔叶浆最新 外盘价暂未报价，成本价下跌对浆价支撑减弱。造纸行业盈利水平处于偏低水平，纸厂库存持续累库， 对高价浆接受度不高，需求处于淡季，刚需采买原料，利空于浆价。预计浆价偏弱震荡为主。 6月30日盘中，纸浆期货主力合约呈现震荡走势，最低下探至5026.00元。截止收盘，纸浆主力合约报 5064.00元，跌幅0.47%。 纸浆期货主力小幅下跌0.47%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 新世纪期货 预计浆价偏弱震荡为主 国信期货 纸浆区间震荡思路对待 国信期货：纸浆区间震荡思路对待 下游需求不振，纸厂业者采买原料积极性不足，纸浆港口库存水平维持近年来高位，整体去库存节奏偏 缓，浆市动销节奏不快，下方成本亦有一定支撑，延续动态博弈。操作建议区间震荡思路对待。 西南期货：纸浆期货市场周期内大幅下降 上周内进口纸浆市场呈现期现双跌的局面，针叶浆、阔叶浆现货均价环比向下。而纸浆下游多个产品开 工产量均呈下行趋势，行业淡季的大背景下，原纸整体 ...

Core Viewpoint - The Shanghai Futures Exchange has announced the suspension of the "Bratsk" brand bleached sulfate softwood pulp futures delivery to maintain market stability and ensure the quality of domestic pulp products [1][2]. Group 1: Market Stability and Quality Assurance - The decision to suspend the "Bratsk" brand delivery is seen as a measure to stabilize the pulp futures market and safeguard the quality of pulp products in China [1]. - The pulp futures market has been functioning effectively since its launch, serving as a crucial tool for risk management and resource allocation for upstream and downstream enterprises [1]. Group 2: Supply and Demand Dynamics - As of June 20, 2025, the total quantity of pulp futures warehouse receipts in China is 251,000 tons, with 235,000 tons in warehouses and 16,000 tons in factory storage [2]. - The current supply of bleached softwood pulp is abundant, with 14 deliverable brands covering the mainstream domestic brands [2]. - The average monthly import volume of softwood pulp in 2025 is 868,000 tons, showing a significant increase compared to the second half of 2024 [2]. Group 3: Price Trends and Market Outlook - The external market prices for pulp have remained stable, with no significant drivers for change noted [3]. - The demand for finished paper is currently facing challenges due to low prices, low profits, and high inventory levels, which may limit support for pulp prices [3]. - The next demand peak is expected after mid-August, with potential inventory accumulation before the seasonal restocking begins [3].