The pulp futures that received much attention yesterday morning were officially launched on the Shanghai Futures Exchange, but the prices fell after the opening. In the short-term, the pulp market was affected by the downturn in the domestic market, and the market was mainly bearish.
Pulp futures officially went online and prices fell
Yesterday morning, the much-watched pulp futures officially went on the Shanghai Futures Exchange. More than 200 people from domestic leading papermaking enterprises, financial institutions, consulting companies attended the listing ceremony.
After the auction bid, the futures officially opened at 9:00 yesterday morning. After the opening, the prices of the six contract products fell.
specific situation:
Transaction code: SP
Collective bidding: 8:55-9:00 on the day of listing
Opening time: 9:00 opening
Opening benchmark price: 5980/ton
Number of contracts: 6
Ups and downs: a drop of around 4%
It is expected that the follow-up market will be dominated by bearish
In the short-term, the pulp market is affected by the downturn in the domestic market, and it is mainly bearish in the near future for the following reasons:
[The main factors affecting the price of pulp futures]
1. Supply factors, such as capacity increase and decrease (overhaul and capacity conversion), accidents (strikes and earthquakes, etc.)
2, cost factors, such as wood chip prices, labor costs, exchange rates, freight, etc.
3. Demand factors, construction and sales of cultural paper, household paper, packaging paper, specialty paper, etc.
4. Macro factors, such as solid waste import restrictions, environmental impact, Sino-US trade friction, etc.
5. Exchange rate factors, the fluctuation of the RMB exchange rate directly affects the import transaction price
[The reason for the decline in pulp futures prices]
1. Supply and demand relationship: Since the whole paper market has been unstable since 2018, and the lack of demand since October of the second half of the year, the downstream purchases are not prosperous.
2. The existing stocks of the paper mills are not declining, and the short-term demand for pulp is insufficient.
3. The downstream industrial chain of pulp continued to fall from the prices of base paper, national waste, cardboard, paper and carton, affecting investor confidence.
[Proposal for the use of paper futures in hedging and hedging investment]
1. Enterprises that need to purchase bleaching needle pulp can buy and buy value to cope with price increases.
2. Inventories can be sold and preserved to prevent the inventory value from falling.
3. Domestic papermaking enterprises can establish virtual inventory by buying hedges to manage inventory and reduce production costs.
4. Traders can use pulp futures to sell hedging, avoiding the risk of falling pulp prices for longer shipments after getting goods from abroad.
Responsible editor: Ge
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