Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-12 08:44Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The current low volume of Gala apples on the market and low old - crop inventory boost short - term apple prices, but the price increase may slow down after a large number of Gala apples are listed. Technically, for the 2510 contract, pay attention to the pressure at the 8200 yuan/ton integer mark. It is recommended to partially take profits on long positions at high prices and hold a light position [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8178 yuan/ton. The position of the main contract is 81105 lots, a decrease of 1363 lots. The number of apple warehouse receipts is 0. The net long position of the top 20 futures holders is 2658 lots, an increase of 1045 lots [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) is 4 yuan/jin, unchanged. The spot price in Gansu Jingning (paper - bagged, above 75) is 4 yuan/jin, unchanged. The spot price in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, unchanged. The spot price in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4 yuan/jin, unchanged [2] Upstream Situation - The national apple output is 5128.51 million tons. The weekly wholesale price of apples is 9.75 yuan/kg, a decrease of 0.16 yuan/kg compared to the previous period. The average weekly wholesale price of Fuji apples is 9.51 yuan/kg [2] Industry Situation - The inventory ratio of Shaanxi apples decreased by 10000 (the unit is not clear). The total national apple cold - storage inventory is 53.39 million tons, a decrease of 8.22 million tons. The inventory ratio of Shandong apples decreased by 0.01. The monthly export volume of apples is 40000 tons. The monthly export value of apples is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts decreased by 245562.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Downstream Situation - The average weekly wholesale price of tangerines is 10.25 yuan/kg, a decrease of 0.39 yuan/kg. The weekly wholesale price of bananas is 5.92 yuan/kg, a decrease of 0.05 yuan/kg. The weekly wholesale price of watermelons is 3.73 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen wholesale market is 8.4 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Xiaqiao wholesale market is 11 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Chalong wholesale market is 16 vehicles, an increase of 0.4 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 20.32%, and the implied volatility of at - the - money put options is 20.39%, an increase of 1.2% [2] Industry News - On August 12, 2025, the trading of inventory Fuji apples in the western production area basically ended, and the remaining goods were mostly picked up by merchants themselves. The trading of early - maturing apples was mainly Gala apples, which were in the centralized bag - removing and coloring period, and merchants were mostly on the sidelines, with prices remaining stable and weak. In the Shandong production area, the trading speed of inventory fruit from farmers was slow, the quality was uneven, there were many price - concession transactions, and the prices were a bit chaotic. The supply of smooth - skinned Luli apples continued to increase, and the prices changed little. The apple 2510 contract rose 0.65% on Tuesday [2]