晨间洞察：2026年6月30日

Morning Insight:June 30, 2026 LinlinGaoCertification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Pulp:Bear market rallies tend to be sharp; remain on the sidelines inthe near term. Pulp futures staged a notable late-session rebound In the short term, although the basis has strengthened following theprolonged decline in futures prices, spot market activity remainssubdued, suggesting that current price levels are still insufficient tosupport sustained destocking at major ports. As such, the recent rebound Cotton:Optimistic demand expectations continue to support cottonfutures, although near-term upside remains limited by the lack of fresh Nevertheless, several factors continue to constrain further price gains.The domestic-to-international cotton price spread remains relatively Looking ahead, a synchronized rally across both domestic andinternational cotton futures is likely to require either weather-related Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch News Highlights: 1. China and the European Union (EU) have confirmed the officialestablishment of China-EU trade and investment consultation mechanism as The two sides identified four initial workstreams under the mechanism,which include trade and investment balancing, export controls, China's Minister of Commerce Wang Wentao and European Commissioner forTrade and Economic Security and Interinstitutional Relations and The two sides conducted comprehensive, in-depth and constructivediscussions on key economic and trade issues, according to the statement. 2. China's total electricity trading volume surpassed 3 trillion kWh inthe first five months of 2026, up 24.8 percent year on year, the National During the period, electricity trading volume within provincial bordersrose 28.5 percent from a year earlier, while inter-provincial and inter- 3. The central parity rate of the Chinese currency renminbi, or the yuan,weakened 9 pips to 6.8175 against the U.S. dollar Monday, according to Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai