NANHUA FUTURES: PAPER PULP LONG AND SHORT STALEMATE, SLIGHT FLUCTUATIONS
20240424.Yesterday, the main contract of pulp futures 09 fluctuated slightly, with positions reduced, and short positions prevailed. From a technical point of view, the daily K-line has continuously closed the cross star, the market momentum is insufficient, and the price is mainly high and volatile. On the spot side, the spot price of needle and broadleaf pulp has not changed much in recent days. The increase in external quotations has raised the import cost and supported the high price. In March, domestic broadleaf pulp imports were 1.203 million tons, a month-on-month decrease of 16.5%. The price of broadleaf pulp provided downward support for the price of softwood pulp. Domestic pulp demand is still weak, with pulp inventories at Qingdao and Changshu ports increasing to varying degrees every week, putting pressure on pulp prices. The current upstream and downstream game of pulp is at a stalemate, and short-term prices are expected to fluctuate at high levels.
