华泰期货：苹果市场交易放缓，红枣原料以质论价

Apple Market Insights - The apple futures contract closed at 9465 yuan/ton, a decrease of 41 yuan/ton or 0.43% from the previous day [2][12] - The price of late Fuji apples in Shandong Qixia was 4.10 yuan/jin, unchanged from the previous day, while in Shaanxi Luochuan, the price was 4.20 yuan/jin, also unchanged [2][12] - The overall trading atmosphere is slow, with limited transactions and a focus on demand-driven sales [3][5] Market Analysis for Apples - The apple market is experiencing a downward trend in futures prices, with slow movement of inventory and increased arrival quantities in sales areas, but overall sales remain sluggish [5][15] - The new season's late Fuji apple inventory is lower than the same period last year by over 10%, but the sentiment among buyers is generally optimistic [5][15] - The market is currently in a seasonal lull, with demand under pressure and a cautious trading atmosphere due to increased competition from citrus fruits [5][15] Strategy for Apples - The current expectations regarding inventory levels and structure are reflected in the prices, with a focus on monitoring the recovery of end-market consumption and inventory dynamics as the year-end approaches [6][16] Red Date Market Insights - The red date futures contract closed at 9235 yuan/ton, an increase of 55 yuan/ton or 0.60% from the previous day [7][17] - The price of first-grade gray dates in Hebei was 8.60 yuan/kg, unchanged from the previous day, while prices in various regions of Xinjiang range from 5.00 to 6.80 yuan/kg [7][17] - The market is seeing a tightening supply of high-quality dates, with sellers maintaining a firm pricing stance due to limited remaining inventory [7][17] Market Analysis for Red Dates - The red date market is experiencing a slight increase in prices as the collection of remaining inventory nears completion, with prices stabilizing in production areas [8][18] - The overall inventory levels are at their highest in recent years, leading to significant pressure on supply and demand dynamics, with market sentiment remaining pessimistic [8][18] - As temperatures drop, the red date market is entering a consumption peak, making actual consumption data a key focus for market participants [8][18] Strategy for Red Dates - The strategy remains neutral, with potential for price rebounds during the consumption peak, but limited upward movement expected due to high inventory levels from both new and old seasons [9][19]