Prices of the hottest pulp futures fell after the

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After the official opening of the pulp futures, the prices fell together

3 "smelly cobblers" will exceed 1 "Zhugeliang". The pulp futures that attracted much attention yesterday morning were officially launched on the Shanghai Futures Exchange, but the prices fell together after the opening. In the short term, the pulp market is affected by the downturn of the domestic market, and it is mainly bearish in the near future

the price of pulp futures fell after it was officially launched.

yesterday, the portal structure corresponding to the single arm structure. In the morning, the pulp futures that attracted much attention was officially launched and operated in Shanghai Futures Exchange. More than 200 people from leading domestic paper-making enterprises, financial institutions and consulting companies attended the listing ceremony

after call auction, the futures were officially opened at 9:00 yesterday morning. After the opening, the prices of the six contract products fell together


transaction code: sp

call auction: 8:00

opening time on the listing day: 9:00 opening

opening benchmark price: 5980/ton

number of contracts: 6

ups and downs: about 4%

it is expected that the subsequent market will be mainly bearish

in the short term, the pulp market will be mainly bearish due to the downturn in the domestic market, The reasons are as follows:

[main factors affecting pulp futures price]

1. Supply factors, such as capacity increase and decrease (maintenance and capacity conversion), accidents (strikes and earthquakes, etc.)

2. Cost factors, such as wood chip price, labor cost, exchange rate, freight, etc.

3. Demand factors. Cultural paper, household paper and packaging paper should use hydraulic oil with low viscosity in winter Commencement and sales of special paper, etc.

4. Macro factors, such as import restrictions on solid wastes, environmental impact, Sino US trade frictions, etc.

5. Exchange rate factors, the fluctuation of RMB exchange rate directly affects the import transaction price

[reasons for the decline of pulp futures price]

1. Supply and demand relationship: since 2018, the whole paper industry has been unstable, and the demand has continued to be sluggish since October in the second half of the year, resulting in a lack of downstream purchases

2. The high inventory level of the existing paper mills will not decrease, and the short-term demand for pulp will not be satisfied by pressing the "check and print/7" key

3. The prices of base paper, national waste, cardboard, paper and carton in the downstream industry chain of pulp continued to fall, affecting investor confidence

[suggestions on the application of hedge investment in pulp futures]

1. Enterprises that need to purchase bleach needle pulp can buy hedge to cope with the price rise

2. Enterprises with inventory can sell hedge to prevent the decline of inventory value

3. Domestic paper-making enterprises can establish virtual inventory by buying hedging to do a good job in inventory management and reduce production costs

4. Traders can use pulp futures as selling hedging to avoid the risk of falling pulp prices with a long shipping period after taking goods from abroad

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