June Cboard Barometer: Biggest OCC Jump in Current Cycle Reinforces Price; Expect +ve Move in Cboard Names

Research evidence excerpt

June Cboard Barometer: Biggest OCC Jump in Current Cycle Reinforces Price; Expect +ve Move in Cboard Names

Equity Research

Industry Update — June 7, 2026

Containers & Packaging

June Cboard Barometer: Biggest OCC Jump

in Current Cycle Reinforces Price; Expect +ve

Move in Cboard Names

Early Signs of Demand Pull; OCC Prices Rise $11/ton (+17%)

for Largest m/m Spike of Current Cycle

Our Call Gabe Hajde

June CPB holds at 2.0 for a 4th straight month despite an upward-moving backdrop. Equity Analyst | Wells Fargo Securities, LLC

Gabe.Hajde@wellsfargo.com | 216-470-8960

Geopol tension is pressuring sentiment & costs as producers respond w/ new hikes. We

Richard C Carlson, CFAexpect at least $50/ton price recognition this month, with NT demand optics +ve.

Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Carlson@wellsfargo.com | 212-214-5045

Balancing a “Balanced” view with price hike conviction. Our June CPB stayed flat at 2.0 Bailey Gordon

for the fourth straight month. Though our CPB is designed to gauge the enviro for price Associate Equity Analyst | Wells Fargo Securities, LLC

moves in cboard, we think even the best quantitative models need an 'override' button; Bailey.Gordon@wellsfargo.com | 212-214-3310

prompting our conviction of a price hike recognized this summer. We note these price

moves are being driven by signif. cost pressures (both known & projected) and ongoing

supply discipline w/ a sustained demand recovery proving elusive.

Domestic linerboard prices exp'd higher in June. After May domestic cboard prices

held flat following an unprecedented three straight index moves (+$50/ton net), the

focus shifts to the next round of hikes effective in June. This remains both cost-push and