Report Information - Report Name: Pulp Daily Report [1] - Date: May 22, 2025 [2] Industry Investment Rating - Not provided Core View - The pulp fundamentals remain weak, and it may continue to oscillate and adjust in a low - level range in the future [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: Pulp futures contract 09 had a previous settlement price of 5,302 yuan/ton and a closing price of 5,338 yuan/ton, rising 0.68%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,400 - 6,750 yuan/ton, with the low - end price stable. The Shandong Yinxing offer was 6,300 yuan/ton [7] - **Supply and Demand Analysis**: Chile's Arauco announced May offers with price cuts. In March, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries increased 11.7% year - on - year, and the cumulative increase from January to March was 4.1%. In April, China's pulp imports were 289 million tons, down 11.1% month - on - month and 10.2% year - on - year. As of May 15, the weekly pulp inventory in major regions and ports increased 11.45% month - on - month. The downstream is in the off - season, with insufficient raw material procurement enthusiasm [8] 2. Industry News - On May 8, the launch meeting of the digital factory project of Guangdong Oubi Personal Care Products Co., Ltd. was held. The project focuses on building an MOM digital operation platform to create a new benchmark for intelligent manufacturing in the personal care products industry [9] 3. Data Overview - The report provides multiple data charts, including cross - period spreads, import pulp spot prices, pulp futures prices, inventory data of domestic and European ports, and prices and spreads of various papers [14][22][28]

Report Information - Report Name: Pulp Daily Report [1] - Date: May 21, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoint - The fundamental pattern of pulp remains weak, and it may continue to fluctuate and adjust in a low - level range in the future [7] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5,320 yuan/ton and a closing price of 5,322 yuan/ton, rising 0.04% overall. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,400 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,300 yuan/ton [7] - In May, there were many rumors about the import wood pulp FOB prices, but the official offers were not clear, and the market was still in the negotiation stage with strong wait - and - see sentiment [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world increased by 11.7% year - on - year in March, and the cumulative increase from January to March was 4.1% year - on - year. In April, China's pulp import volume was 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2% [7] - As of May 15, the weekly pulp inventory in major regions and ports increased by 11.45% month - on - month. Only the inventory in Baoding decreased compared to the previous week, while the inventory in other major ports increased, and the overall shipment speed did not improve significantly [7] - The downstream is currently in the off - season of consumption, and the enthusiasm for raw material procurement is insufficient [7] 2. Industry News - On May 8, the launch meeting of the digital factory project of Guangdong Oubi Personal Care Products Co., Ltd. was held. The project will focus on building an MOM digital operation platform, constructing a digital lean management system covering the entire chain, and creating a new benchmark for intelligent manufacturing in the personal care products industry. The application of the MOM system will reconstruct Oubi's production model, enabling intelligent decision - making on equipment collaboration, process optimization, and resource scheduling through real - time data collection and analysis, and significantly improving production flexibility and response speed [8] 3. Data Overview - Multiple data charts are provided, including cross - period spreads, spot prices of imported bleached softwood pulp, pulp futures prices, basis, inventory data of domestic and European ports, and prices and spreads of various paper products, with data sources mainly from Wind and Zhuochuang Information [13][21][27]

Report Overview - Report Title: Pulp Daily Report - Date: May 20, 2025 - Industry: Pulp 1. Investment Rating - No investment rating provided in the report. 2. Core View - The fundamental pattern of the pulp market remains weak. Although the world's top 20 pulp - producing countries saw a 11.7% year - on - year increase in coniferous pulp shipments in March and a 4.1% cumulative year - on - year increase from January to March, as of May 15, the weekly pulp inventory in major regions and ports increased by 11.45% month - on - month. The downstream is in the off - season, with insufficient raw material purchasing enthusiasm. After the rapid price decline, the sentiment of reluctance to sell at low prices has intensified, and the price is expected to fluctuate and adjust in the low - level range in the future [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the pulp futures 09 contract was 5294 yuan/ton, and the closing price was 5310 yuan/ton, a total increase of 0.30%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5320 - 6800 yuan/ton, with the low - end price rising by 70 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6300 yuan/ton. The 09, 01, and 05 contracts of pulp futures showed different price changes and trading volumes [7]. - **Operation Suggestion**: The report did not explicitly provide operation suggestions but analyzed that the pulp price may maintain a low - level range - bound adjustment [8]. 3.2 Industry News - On May 8, the start - up meeting of the digital factory project of Guangdong Oubi Personal Care Products Co., Ltd. was held. The project focuses on building an MOM digital operation platform, aiming to create a new benchmark for intelligent manufacturing in the personal care products industry. The application of the MOM system will reconstruct Oubi's production model, improve production flexibility and response speed, and enhance production efficiency and product quality [9]. 3.3 Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. However, specific data values in these charts are not described in detail in the text [15][17][19][26][28][31].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - After the macro - positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary According to Related Catalogs Pulp Price Data - Futures prices: On May 16, 2025, SP2601 was 5282, down 0.64% week - on - week and up 2.40%; SP2507 was 5356, down 0.56% week - on - week and up 3.72%; SP2509 was 5280, down 0.71% week - on - week and up 3.57% [1] - Spot prices: Coniferous pulp Silver Star was 6300, unchanged week - on - week and up 1.61%; Knitted needle was 5450, unchanged week - on - week and up 4.81%; Hardwood pulp Goldfish was 4250, unchanged week - on - week and up 3.66% [1] - Outer - disk quotes: Chilean Silver Star was 770 dollars, down 6.67% month - on - month; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; Chilean Venus was 690 dollars, unchanged month - on - month [1] - Import costs: Chilean Silver Star was 6289, down 6.62% month - on - month; Brazilian Goldfish was 5154, up 3.25% month - on - month; Chilean Venus was 5640, unchanged month - on - month [1] Pulp Fundamental Data Supply - Import volume: In March 2025, coniferous pulp import was 79.8 tons, unchanged month - on - month; hardwood pulp import was 147 tons, down 8.47% month - on - month. The pulp shipment volume to China was 1502 tons, down 2.66% month - on - month [1] - Domestic production: On May 15, 2025, hardwood pulp production was 20.7 tons; chemimechanical pulp production was 20.1 tons [1] Inventory - Pulp port inventory: On May 15, 2025, it was 219.8 tons, up 16.3 tons from the previous period, a month - on - month increase of 8.0% [1] - Delivery warehouse inventory: On May 15, 2025, it was 27.00 tons [1] Demand - Finished paper production: On May 15, 2025, offset paper production was 20.00 tons; coated paper production was 7.70 tons; tissue paper production was 27.70 tons; white cardboard production was 27.90 tons [1] Pulp Valuation Data - Basis: On May 16, 2025, Russian needle basis was 94, with a quantile level of 0.842; Silver Star basis was 944, with a quantile level of 0.981 [1] - Import profit: On May 16, 2025, coniferous pulp Silver Star import profit was 11, with a quantile level of 0.642; hardwood pulp Goldfish import profit was - 904, with a quantile level of 0.092 [1] Summary of Supply, Demand and Inventory - Supply: Pulp outer - disk prices dropped significantly. Chilean Arauco adjusted the April 2025 wood pulp outer - disk prices, weakening cost support [1] - Demand: The prices of major wood - pulp papers continued to fall. After the Sino - US trade war eased, the positive effects were not reflected in finished paper production. Downstream paper mills maintained rigid - demand purchases [1] - Inventory: As of May 15, 2025, the inventory in China's mainstream pulp ports was 219.8 tons, increasing by 16.3 tons from the previous period, a month - on - month increase of 8.0%. The inventory changed from a de - stocking trend to a stocking trend [1]

Group 1: Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, investment suggestions are given for different sectors, including "long - position reduction", "short - selling opportunities", "interval trading", etc. [1] Group 2: Core Views of the Report - The market shows complex trends due to various factors such as economic data, policy changes, and supply - demand relationships across different commodity sectors. The overall market sentiment is affected by factors like the US consumer confidence index, inflation expectations, and geopolitical events. [1] Group 3: Summaries by Related Catalogs Macro - Financial - For stock index futures, it is recommended to consider reducing long positions and be vigilant about further adjustment risks [1]. - The bond futures are supported by asset shortage and weak economy in the long - term, but the short - term rise is suppressed by the central bank's interest - rate risk reminder [1]. - Gold prices may enter a consolidation phase in the short - term, while the long - term upward logic remains unchanged. Silver prices may be more resilient than gold in the short - term due to potential tariff impacts [1]. Non - Ferrous Metals - Copper prices are expected to be weak in the short - term due to lower downstream demand and other factors [1]. - Aluminum prices will remain strong in the short - term supported by low inventory and alumina price rebounds. Alumina prices continue to rise due to supply disruptions [1]. - Zinc fundamentals are weak, and it is recommended to look for short - selling opportunities [1]. - Nickel prices will oscillate in the short - term and face long - term oversupply pressure. Short - term interval trading is suggested [1]. - Stainless steel futures will oscillate in the short - term with long - term supply pressure. Interval trading is recommended [1]. - Tin prices have strong fundamental support before the复产 of Wa State [1]. Chemicals - Silicon presents a situation of strong supply, weak demand, and low - valuation, with no improvement in demand and high inventory pressure [1]. - Lithium carbonate has no further supply contraction, increasing inventory, and downstream rigid - demand purchasing [1]. - For methanol, the short - term spot market will trade in a range, and the long - term market may turn from strong to weak and oscillate [1]. - PVC has weak fundamentals but is boosted by macro - factors, and its price will oscillate [1]. - LPG prices are expected to decline in the short - term due to tariff easing and demand off - season [1]. Black Metals - Rebar is in a window of switching from peak to off - season, with cost loosening and a supply - demand surplus, lacking upward momentum [1]. - Iron ore prices will oscillate, and manganese ore prices are expected to decline due to oversupply [1]. - Coke and coking coal are in a relatively oversupplied situation, and it is recommended to take advantage of price rebounds for hedging [1]. Agricultural Products - Brazilian sugar production in the 2025/26 season is expected to reach a record high, but it may be affected by crude oil prices [1]. - Grains are expected to oscillate, and a strategy of buying on dips is recommended considering the tight annual supply - demand situation [1]. - Soybean prices are expected to oscillate due to lack of speculation and market pressure [1]. - Cotton prices are expected to oscillate weakly as the domestic cotton - spinning industry enters the off - season [1]. - Pulp prices will oscillate due to lack of upward momentum after the tariff - related boost [1]. - Livestock prices will oscillate as the pig inventory recovers and the market is in a state of abundant supply expectation [1]. Energy - Crude oil and fuel oil prices are affected by the progress of the Iran nuclear deal and the end of the Sino - US trade negotiation drive [1]. - Asphalt prices will oscillate as cost drags, inventory returns to normal, and demand slowly recovers [1]. - Natural rubber prices are affected by rainfall, cost support, and the end of the trade negotiation drive [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - After the macro - level positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 15, 2025, SP2505 was 5370 with a 0.71% daily and 4.80% weekly increase; SP2507 was 5386 with a 0.15% daily and 4.62% weekly increase; SP2509 was 5318 with a 0.19% daily and 4.44% weekly increase [1] - **Spot Prices**: Coniferous pulp Silver Star was 6300 with a 0.00% daily and 1.61% weekly increase; Russian Needle was 5450 with a 2.83% daily and 4.81% weekly increase; Broad - leaf pulp Goldfish was 4250 with a 1.19% daily and 3.66% weekly increase [1] - **Outer - disk Quotes**: Chilean Silver Star was 770 dollars with a - 6.67% monthly decrease; Brazilian Goldfish was 630 dollars with a 3.28% monthly increase; Chilean Venus was 690 dollars with a 0.00% monthly change [1] - **Import Costs**: Chilean Silver Star was 6289 with a - 6.62% monthly decrease; Brazilian Goldfish was 5154 with a 3.25% monthly increase; Chilean Venus was 5640 with a 0.00% monthly change [1] Pulp Fundamental Data Supply - **Imports**: In March 2025, coniferous pulp imports were 79.8 tons with a 0.00% monthly change; broad - leaf pulp imports were 147 tons with an - 8.47% monthly decrease [1] - **Domestic Production**: On May 15, 2025, broad - leaf pulp domestic production was 20.7 tons; chemimechanical pulp was 20.1 tons [1] - **Shipments to China**: In February 2025, pulp shipments to China were 1502 tons with a - 2.66% monthly decrease [1] Inventory - **Port Inventory**: On May 15, 2025, pulp port inventory was 219.8 tons [1] - **Delivery Warehouse Inventory**: On May 15, 2025, it was 27.00 tons [1] - **Finished - paper Inventory**: On May 15, 2025, double - offset paper was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Demand - **Finished - paper Production**: On May 15, 2025, double - offset paper production was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Pulp Valuation Data - **Basis**: On May 15, 2025, Russian Needle basis was 64 with a quantile level of 0.824; Silver Star basis was 914 with a quantile level of 0.978 [1] - **Import Profit**: On May 15, 2025, coniferous pulp Silver Star import profit was 11 with a quantile level of 0.642; broad - leaf pulp Goldfish was - 904 with a quantile level of 0.092 [1]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 | | | | | | | | | 农产品研究中心 | 杨璐琳 | 从业资格号:F3042528 | | | 2025/5/15 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月14日 | 日环比 | 周环比 | | | 2025年5月14日 | HMA | 周环比 | | | SP2505 | 5332 | 1. 91% | 2. 93% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5378 | 1. 93% | 4. 67% | 现货价 | 针织我针 | 5300 | 0. 00% | 2. 91% | | | SP2509 | 5308 | 1. 6 ...

Group 1: Investment Ratings and General Market Outlook - No explicit report industry investment rating provided [1] - The core view is that various commodities show different trends based on factors such as national policies, trade negotiation results, and supply - demand fundamentals. Market sentiment has been affected by factors like China - US trade talks and inflation data [1] Group 2: Macro - Financial Sector - **Stock Index**: Since April, with the support of national policies and Central Huijin's funds, the stock index has recovered the technical gap formed by the tariff shock on April 2. The current risk - return ratio of chasing the rise is not high. Holders of long positions can consider reducing positions on rallies [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term reminder of interest - rate risks suppresses the upward space [1] - **Gold**: Short - term market risk appetite has recovered, and the gold price may enter a consolidation phase, but the medium - to - long - term upward logic remains unchanged [1] - **Silver**: Overall, it follows gold, but an unexpected tariff result will benefit the commodity attribute of silver, so the short - term resilience of the silver price may be stronger than that of gold [1] Group 3: Non - Ferrous Metals Sector - **Copper**: The result of China - US trade negotiations exceeded expectations, and short - term market sentiment has improved. However, the copper price has significantly rebounded and may fluctuate [1] - **Aluminum and Alumina**: The aluminum electrolysis industry has no obvious contradictions. With the unexpected result of China - US trade negotiations, the aluminum price continues to rebound. Supply disturbances of bauxite and alumina have increased, and the supply - demand pattern of alumina has improved. The short - term price may further rebound [1] - **Zinc**: Although the macro sentiment has improved, the terminal demand has weakened significantly in the off - season, and with the inflow of imported goods, the zinc price remains weak [1] - **Nickel and Stainless Steel**: US inflation has cooled more than expected, and the result of China - US talks has exceeded market expectations. The export order expectation of terminals has improved, and market risk appetite is expected to recover. The Indonesian resource tax policy has been implemented, and the premium of nickel ore is high. There are rumors of a mining ban in the Philippines, but the implementation is difficult. The nickel price fluctuates in the short term, and there is still pressure from the surplus of primary nickel in the medium - to - long term. The short - term stainless steel futures fluctuate and rebound, but there is still supply pressure in the medium - to - long term [1] - **Tin**: With the unexpected result of China - US talks and improved macro sentiment, the tin price is expected to rebound. The resumption of production in Wa State needs to be continuously monitored [1] - **Industrial Silicon**: Supply is strong, demand is weak, it has entered the low - valuation range, demand has not improved, inventory pressure has not been relieved, and the China - US tariff negotiation result is unexpected [1] - **Polycrystalline Silicon**: The number of registered warehouse receipts is extremely small, the first delivery is approaching, the futures price is at a discount to the spot price, and the willingness to register warehouse receipts is low, and the China - US tariff negotiation result is unexpected [1] - **Lithium Carbonate**: Supply has not further shrunk, the visible inventory has continued to accumulate, the downstream raw material inventory is at a high level, downstream still maintains rigid - demand purchases at low prices, and the China - US tariff negotiation result is unexpected [1] Group 4: Ferrous Metals Sector - **Steel Products (Rebar, Hot - Rolled Coil)**: The trade turmoil has intensified the pressure on the export chain. The short - term risk appetite is slightly poor, and the opening price dives downward [1] - **Iron Ore**: The tariff policy affects market sentiment, and the iron ore with strong financial attributes is under short - term pressure [1] - **Manganese Silicon**: There is still an expectation of decline under the expectation of manganese ore surplus, and the variety has heavy warehouse - receipt pressure [1] - **Silicon Iron**: The cost is dragged down by thermal coal, but the production reduction in the production area is large, and the supply - demand situation has become tight [1] - **Glass**: The situation of weak supply and demand continues. With the arrival of the rainy season, there are concerns about weakening demand, and the price continues to be weak [1] - **Soda Ash**: There are many overhauls in May, and the direct demand is okay, but there is medium - term supply surplus, and the price is under pressure [1] - **Coking Coal and Coke**: The supply and demand of coking coal and coke are relatively surplus and are short - positioned in the sector. It is recommended that industrial customers actively seize the opportunities of cash - and - carry arbitrage and selling hedging when the market rebounds to a premium. Consider participating in the JM9 - 1 calendar spread arbitrage [1] Group 5: Agricultural Products Sector - **Palm Oil**: The rise in crude oil will drive the rebound of palm oil, and the China - US talks will drag down the soybean - palm oil price spread. It is recommended to short after the crude oil price falls [1] - **Soybean Oil**: China - US talks are expected to have a negative impact on soybean oil sentiment in the short term, dragging down the soybean - palm oil price spread. It is recommended to wait and see [1] - **Rapeseed Oil**: The northern rapeseed - producing areas in Europe are still dry, which is not conducive to the formation of rapeseed yield per unit in the bolting stage. The China - Canada relationship is still uncertain. If Canada cancels the additional tariffs on China, it is expected to cause a large decline. Consider long - volatility strategies [1] - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums for US cotton. In the long term, macro uncertainties are still strong. The domestic cotton - spinning industry has entered the consumption off - season, and there are signs of inventory accumulation in downstream finished products. It is expected that the domestic cotton price will maintain a weak and fluctuating trend [1] - **Sugar**: According to the latest forecast of the Brazilian National Supply Company, Brazil's sugarcane production in the 2025/26 season is expected to be 663.4 million tons, a 2% decline from the previous year. The sugar production is expected to reach a record 4.59 million tons, a 4% increase from the previous year. If the crude oil price continues to be weak, it may affect the sugar - making ratio in Brazil's new crushing season and lead to an unexpected increase in sugar production [1] - **Corn**: The overall situation of deep - processing in the Northeast has stabilized, the decline in Shandong's deep - processing has slowed down. The import corn auction policy and China - US economic and trade talks have a negative impact on sentiment. The market回调 in the short term. It is recommended to buy on dips and pay attention to the C07 - C01 calendar spread arbitrage [1] - **Soybean Meal**: There is no driving force for speculation in US soybean planting. The domestic market continues to digest the negative factors of spot pressure and Brazilian selling pressure, and the market is expected to fluctuate [1] - **Pulp**: After the positive impact of the unexpected China - US trade negotiation on pulp futures is realized, the fundamentals still lack upward momentum, and it is expected to fluctuate [1] - **Logs**: The arrival volume of logs remains high, the overall inventory is high, and the price of terminal products has declined. There is no short - term positive factor, and it is expected to fluctuate at a low level [1] - **Pigs**: With the continuous repair of the pig inventory, the slaughter weight continues to increase. The market expectation is obvious, the futures price is at a large discount to the spot price, and there are no bright spots in the downstream [1] Group 6: Energy and Chemical Sector - **Crude Oil - Related (Fuel Oil, Palm Oil)**: The result of China - US trade negotiations far exceeds market expectations, reducing concerns about weakening demand. After a sharp decline, there is a demand for rebound and repair [1] - **BR Rubber**: The result of China - US trade negotiations is unexpected. In the short term, the raw material cost support is strengthened due to rainfall in the production area. In the medium - to - long term, the fundamentals are loose, and demand is weak, and the price is expected to decline [1] - **PTA, Short - Fiber, and Related Products**: The upstream PX device is under intensive maintenance, and the internal - external price difference of PX has been significantly repaired. The demand for PTA is supported by the high load of polyester. The PTA shortage strengthens the cost support for short - fiber, and short - fiber performs strongly under the high basis [1] - **Ethylene Glycol**: Ethylene glycol devices are under maintenance, large - scale devices in Jiangsu and Zhejiang have reduced their loads, and coal - based devices have started to be overhauled [1] - **Pure Benzene and Styrene**: The improvement of China - US tariff policies stimulates market speculative demand, the pure benzene price gradually strengthens, the profit of the reforming device declines, and the downstream demand for styrene is expected to pick up [1] - **Methanol**: The basis strengthens, the trading volume is average. In the short term, the methanol price fluctuates in a range and is slightly strong. In the medium - to - long term, the methanol spot market may change from strong to weak and fluctuate [1] - **PE, PP, PVC, and Caustic Soda**: For PE, the basis strengthens, and the trading volume is general. It fluctuates slightly strongly in the short term and may change from strong to weak in the medium - to - long term. For PP, some previously overhauled devices have resumed operation, demand is stable, and it fluctuates slightly strongly with macro - positive factors. For PVC, the fundamentals are weak, and it rebounds in the short term with macro - positive factors. For caustic soda, the spot demand is weak, and the driving force for price increase is insufficient, and the price fluctuates weakly [1]

Report Information - Report Name: Pulp Daily Report [1] - Date: May 9, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5064 yuan/ton and a closing price of 5092 yuan/ton, rising 0.55% [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5150 - 6800 yuan/ton, with the low - end price rising 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6200 - 6220 yuan/ton [7] - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was at 770 US dollars/ton, and the hardwood pulp Mingxing was at 560 US dollars/ton, showing a significant decline [7] - European port data showed that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, most other national port inventories increased month - on - month [7] - The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5% [7] - As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month. The shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [7] - The demand side continued to operate weakly. The cost support for pulp decreased significantly, the supply side remained loose, and the demand side was persistently weak. The overall fundamental pattern was weak, and pulp was mainly under pressure [7] Industry News - On May 8, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, would be delivered within the year. The total investment of the project was 600 million yuan, and the total land area was about 30 mu. It mainly customized, processed, and sold various paper products such as pearlescent paper, specialty paper, and cultural paper [8] - After the first - phase was completed and put into production, the expected annual output value would be over 100 million yuan, and about 100 new jobs would be added. Currently, the main structures of the two main buildings were 60% completed, and the structural capping was expected to be achieved in early June [8] - The second - phase project was about to start construction, with a planned land area of about 15 mu. It would build new production workshops and supporting facilities, focusing on the production and export of specialty paper. It was expected to be completed in June 2026, and after all phases were completed and put into production, the annual output value could reach over 300 million yuan [8]

【苹果】 期价震荡。现货方面,主流报价持稳。假期期间市场需求较好,节后补库需求增加,现货价格继续上涨。目前冷库库存较低, 市场需求的好,预计后期现货价格仍有上涨空间。从盘面来看,市场的交易重心特向新率度的估产。虽然今年西部产区花量较 足,但是受高温和花期大风的影响,坐果率偏低,可能导致苹果产登低于预期。不过,市场对产量预期仍有分歧,关注后续估 产情况,操作上暂时观望。 本报告版权属于国投期货有限公司 | | | | >国技期货 Million | | 敏商品日报 | | --- | --- | --- | | | 操作评级 | 2025年05月08日 | | 棉花 | ななな | 曹凯 首席分析师 | | 纸浆 | ★☆★ | F03095462 Z0017365 | | 白糖 | ななな | 胡华轩 高级分析师 | | 苹果 | ななな | F0285606 Z0003096 | | 木材 | ★☆☆ | | | 20号胶 | ☆☆☆ | 黄维 高级分析师 | | 天然橡胶 | ななな | F03096483 Z0017474 | | 丁二烯橡胶 ★☆☆ | | | | | | 010-58747784 | ...