苹果产业日报-20250611

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - As of June 4, 2025, the apple cold storage inventory in the main producing areas of China was 1382000 tons, a decrease of 137700 tons from the previous week. The storage capacity ratio in Shandong and Shaanxi decreased, and the de - stocking speed slowed down. The apple price is under pressure due to weak demand, slow de - stocking, and a smaller - than - expected production reduction, but the low inventory provides some support, so the price will fluctuate in the short term. The market should continue to monitor the bagging situation [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract was 7551 yuan/ton, with a week - on - week increase of 28 yuan/ton; the net long position of the top 20 futures holders was 1780 lots, with a week - on - week increase of 1801 lots. The closing price of the October contract was 7551 yuan/ton, and the number of warehouse receipts was 0 [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) was 4.1 yuan/jin, in Shandong Yiyuan (paper - bagged, above 75) was 2.8 yuan/jin, in Gansu Jingning (paper - bagged, above 75) was 4.5 yuan/jin, and in Shaanxi Luochuan (paper - bagged, above 70) was 4.2 yuan/jin, all with no week - on - week change [2] Upstream Situation - The national apple orchard area was 1955770 hectares, the national apple output was 49601700 tons, the average wholesale price of apples was 9.47 yuan/kg, and the average wholesale price of Fuji apples was 9.47 yuan/kg. The national apple cold storage inventory was 1382000 tons, a decrease of 137600 tons from the previous week. The storage capacity ratio in Shandong was 0.17, a decrease of 0.01 from the previous week, and in Shaanxi was 0.1, a decrease of 0.01 from the previous week. The monthly apple export volume was 70000 tons, a decrease of 30000 tons from the previous month [2] Industry Situation - The monthly apple export value was 77054000 US dollars, a decrease of 19956000 US dollars from the previous month, and the monthly import value of fresh, dried fruits and nuts was 1136680000 US dollars, an increase of 268476000 US dollars from the previous month. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants was 0.9 yuan/jin, with no week - on - week change [2] Downstream Situation - The average wholesale price of tangerines was 8.04 yuan/kg, with a week - on - week increase of 0.15 yuan/kg; the wholesale price of pears was 6.7 yuan/kg, with a week - on - week increase of 0.07 yuan/kg; the wholesale price of bananas was 6.76 yuan/kg, with a week - on - week decrease of 0.24 yuan/kg; the wholesale price of watermelons was 4.24 yuan/kg, with a week - on - week decrease of 0.18 yuan/kg. The early - morning average daily number of arriving trucks in Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets decreased [2] Option Market - The implied volatility of at - the - money call options for apples was 16.42%, and the implied volatility of at - the - money put options was 16.45%, with a week - on - week increase of 0.21% [2] Industry News - On June 11, 2025, the inventory apple trading was a bit sluggish, with few inquiring and inspecting merchants in cold storage. Some eager - to - sell clearing - inventory goods were sold at discounted prices, while the price of better - quality goods was relatively stable. For the new - season apples, as the bagging work progresses, the production situation becomes clearer, and the expected production reduction in some areas has weakened. The production reduction in Shaanxi this year is expected to be 5% - 10% [2]