Report Summary 1) Report Industry Investment Rating The report advises to view the jujube futures price from a bullish perspective in the near term, suggesting to continue holding long positions in the CJ601 contract and be cautious about the position limit and expiration risks of the CJ509 contract. For the long - term, it recommends waiting for the end of the opening - price game and then shorting the CJ605 contract opportunistically [1][2]. 2) Core Viewpoints The current jujube market is in a state of production game. The spot price in the sales area is rising steadily, and the futures price is oscillating upwards. The market's focus is on the supply side, with significant differences in the expected production of new - season jujubes between the long and short sides. The upstream is bullish, and combined with the steady increase in the spot price, it has pushed the futures price to break through and rise. The CJ601 contract shows an obvious strengthening trend [1]. 3) Summary by Content Spot Market - Xinjiang jujubes have entered the swelling period, and some first - crop fruits are starting to turn red. Last week, the spot sales in the sales area accelerated. The spot price in Cangzhou was stable with an upward trend, and the prices of high - quality goods were gradually strengthening. The average prices of super - grade and first - grade jujubes were 10.12 yuan/kg and 9.15 yuan/kg respectively, with a week - on - week increase of 0.25 yuan/kg and 0.32 yuan/kg [1]. Futures Market - Recently, the jujube futures price has been oscillating upwards, breaking through the previous high pressure level last Friday. The market's trading focus is still on the supply side, and there are large differences in the expected production of new - season jujubes between the long and short sides. The total open interest of jujube futures increased to more than 230,000 lots on Friday, remaining at a historical high, indicating intense long - short contradictions. The market recognizes the expected reduction in new - season jujube production due to adverse weather in June - July, but there are large disputes over the reduction range. The disputes over production will ultimately shift to the expected game of the new - season opening price. The upstream is bullish, and combined with the recent steady increase in the spot price, it has pushed the jujube futures price to break through and rise. Technically, the CJ601 contract shows an obvious strengthening trend [1].
市场快讯：产量博弈延续，当下红枣偏强看待
Ge Lin Qi Huo·2025-08-11 07:23