Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The price of Zhengzhou jujube's main contract fluctuated this week, with a weekly decline of about 2.34%. As the weather gets hotter, seasonal fresh fruits are on the market, which substitutes for nourishing products like jujubes. It's the seasonal off - peak season for jujube demand, and inventory digestion is slow. Although the number of inquiring customers has increased and the inventory has decreased slightly, the high inventory of old fruits restricts the upward space of the futures price. The jujube trees in the producing areas are in the fruit - setting period, and the current growth is relatively good, but the yield is uncertain. Next week, there will be high - temperature weather in some parts of southern Xinjiang, which may still affect the futures price. It is recommended to wait and see for the Zhengzhou jujube 2509 contract [10][13]. 3. Summary by Directory 3.1 Weekly Highlights - Future trading reminders include weather impact and the consumer side [9]. - This week, the price of Zhengzhou jujube's main contract fluctuated, with a weekly decline of about 2.34%. The jujube market is in the off - peak season, and the inventory is slowly digested. The 36 sample physical inventories in the 27th week were 10,520 tons, a decrease of 168 tons from last week, a month - on - month decrease of 1.57%, and a year - on - year increase of 71.08%. The jujube trees in the producing areas are in the fruit - setting period, and the growth is relatively good, but the yield is uncertain. Next week, there will be high - temperature weather in some parts of southern Xinjiang, which may affect the futures price. It is recommended to wait and see for the Zhengzhou jujube 2509 contract [10]. 3.2 Futures and Spot Market - Futures price: The price of Zhengzhou jujube's main contract fluctuated this week, with a weekly decline of about 2.34% [13]. - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 15,805 lots [18]. - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 8,699 [19]. - Futures spreads: As of this week, the spread between the Zhengzhou Commodity Exchange's jujube futures 2509 contract and the 2601 contract was - 990 yuan/ton [23]. - Basis: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was - 565 yuan/ton [24]. - Spot prices: As of July 4, 2025, the unified purchase price of Aksu jujubes was 4.8 yuan/kg, that of Alar jujubes was 5.2 yuan/kg, and that of Kashgar jujubes was 6 yuan/kg. The wholesale price of first - grade gray jujubes in Cangzhou, Hebei and Henan was 4.35 yuan/jin. The wholesale price of special - grade gray jujubes in Cangzhou, Hebei was 9.85 yuan/kg, and that in Henan was 9.8 yuan/kg [27][31][33]. 3.3 Industry Chain - Supply side: In the 27th week, the physical inventory of 36 sample points was 10,520 tons, a decrease of 168 tons from last week, a month - on - month decrease of 1.57%, and a year - on - year increase of 71.08%. The crop growth is good, and the jujube yield in the 2024/25 production season is expected to recover [38][42]. - Demand side: In May 2025, China's jujube export volume was 2,229,227 kg, a year - on - year decrease of 5.61%. From January to May, the cumulative export volume was 15,350,567 kg, a cumulative year - on - year increase of 16.99%. The trading of BOCE Xinjiang Jujube Good Brand was inactive this week, and the order volume was not transacted [46][50]. 3.4 Options Market and Futures - Stock Correlation - Options market: The implied volatility of at - the - money jujube options this week is presented in the report, but specific data is not mentioned [52]. - Stock market: The report shows the price - to - earnings ratio of Hao Xiang Ni, but specific data is not mentioned [54].
红枣市场周报：红枣冲高回落，关注新疆天气-20250704
Rui Da Qi Huo·2025-07-04 09:22