华泰期货：晚富士多地出库放缓，红枣市场按需主导成交

Apple Market Insights - The apple futures contract closed at 9712 yuan/ton, a decrease of 18 yuan/ton or 0.18% from the previous day [2][12] - In the spot market, the price of late Fuji apples in Shandong Qixia was 4.10 yuan/jin, up 0.35 yuan/jin, while in Shaanxi Luochuan, the price was 4.20 yuan/jin, up 0.05 yuan/jin [2][12] - Recent market activity shows that late Fuji inventory is high, with limited trading and low enthusiasm from buyers, particularly in western production areas [3][14] Market Analysis - The apple market is experiencing slow trading and a gradual pace of inventory release, with prices showing regional differentiation [3][14] - The demand from buyers in western and Shandong production areas is low, primarily relying on sporadic replenishment or self-stored supplies [3][14] - The market is expected to remain in a weak seasonal trend, with prices stabilizing as it awaits holiday stocking [3][14] Strategy - The outlook is for a strong fluctuation, with significant price differentiation due to inventory structure and quality issues impacting future market trends [4][15] - The upcoming holiday season is anticipated to support demand, with expectations for prices to remain stable to slightly strong [4][15] Red Date Market Insights - The red date futures contract closed at 9055 yuan/ton, a decrease of 55 yuan/ton or 0.60% from the previous day [5][16] - In the spot market, the price of first-grade gray dates in Hebei was stable at 8.50 yuan/kg [5][16] - The purchasing progress in Xinjiang's gray date production areas is around 80%, with varying prices across different regions [6][17] Market Analysis - The red date market is currently in a transitional phase between new and old seasons, with a significant reduction in new season production expected [7][18] - The market is facing inventory pressure due to the overlap of new and old products, leading to a pessimistic outlook for future prices [7][18] - The demand for new products is weak, and the purchasing enthusiasm from traders is low, contributing to a decline in prices [7][18] Strategy - The outlook is neutral, with the potential for futures prices to align with new season spot prices if the market can absorb the current high prices [8][19] - Conversely, if high prices lead to continued inventory accumulation, new season prices may decline further [8][19]