郑商所调整红枣期货替代交割品升贴水

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has adjusted the premium and discount rates for different grades of jujube futures to better align with the actual conditions of the spot market, aiming to enhance the futures market's service to the real economy [1][2][4] Group 1: Adjustment of Premium and Discount Rates - The premium for Grade A jujubes (≤180 pieces per kilogram) has been reduced from 1200 CNY/ton to 1000 CNY/ton [1] - The discount for Grade B jujubes (230< pieces per kilogram ≤280) has been adjusted from 1800 CNY/ton to 1300 CNY/ton [1] - The discount for Grade C jujubes (280< pieces per kilogram ≤340, total sugar content ≥70%) has been decreased from 3000 CNY/ton to 2300 CNY/ton [1] Group 2: Market Demand and Price Structure - The consumption structure of jujubes has changed, with increasing demand for Grade B and C jujubes, leading to a rise in risk management needs among industry players [2][3] - The average price difference between Grade A and Grade B jujubes for 2023, 2024, and 2025 is reported as 1300 CNY/ton, 830 CNY/ton, and 1080 CNY/ton respectively [2] - The average price difference between Grade A and Grade C jujubes for the same years is 2500 CNY/ton, 1760 CNY/ton, and 2200 CNY/ton respectively [2] Group 3: Market Dynamics and Price Regulation - The current market trend shows a preference for lower-grade jujubes due to their affordability and versatility, while higher-grade jujubes are primarily used for gift packaging [3] - The adjustment of premium and discount rates is intended to better reflect the actual market conditions and facilitate industry clients' participation in hedging [3][4] - The narrowing of the discount rates for Grade B and C jujubes is expected to help stabilize the price fluctuations in the jujube market [3]