红枣市场周报：库存缓慢下降，红枣震荡偏强-20250829

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the price of the main contract of Zhengzhou jujube futures rose by 2.45%. In 2024, jujube production increased year - on - year, leading to higher old - crop inventories than the same period last year. The inventory of 36 sample points decreased by 0.66% week - on - week and increased by 74.95% year - on - year. The market has recognized the potential reduction in the output of new - season Xinjiang gray jujubes, but there are differences in output estimates. The downstream demand is weak, and the market is in a slow process of destocking old - crop inventories. The jujube futures are slightly bullish in a volatile pattern. It is recommended to wait and see for now [7][11]. Summary by Directory 1. Week - ly Highlights Summary - Market Review: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of 2.45% [7][11]. - Market Outlook: In 2024, jujube production increased year - on - year, resulting in higher old - crop inventories. In the 35th week, the physical inventory of 36 sample points was 9456 tons, a decrease of 63 tons from last week, a week - on - week decrease of 0.66% and a year - on - year increase of 74.95%. The market has recognized the potential reduction in the output of new - season Xinjiang gray jujubes, but there are differences in output estimates. The downstream demand is weak, and the market is in a slow process of destocking old - crop inventories. The jujube futures are slightly bullish in a volatile pattern. It is recommended to wait and see for now [7]. - Future Trading Tips: Pay attention to the impact of weather and the consumer side [8]. 2. Futures and Spot Market - Futures Price: The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of 2.45% [11]. - Top 20 Positions: As of this week, the net position of the top 20 in jujube futures was - 10198 lots [13]. - Warehouse Receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 10091 [15]. - Futures Spread: As of this week, the spread between the 2605 and 2601 contracts of Zhengzhou Commodity Exchange jujube futures was 150 yuan/ton [19]. - Basis: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was - 1020 yuan/ton [23]. - New - Season Purchase Price: As of August 29, 2025, the purchase price of unified - grade jujubes in Aksu was 4.8 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6 yuan/kg [26]. - First - Grade Spot Price: As of August 29, 2025, the wholesale price of first - grade gray jujubes in Cangzhou, Hebei was 4.80 yuan/jin, and in Henan was 4.75 yuan/jin [30]. - Superior - Grade Spot Price: As of August 29, 2025, the wholesale price of superior - grade gray jujubes in Cangzhou, Hebei was 10.49 yuan/kg, and in Henan was 10.5 yuan/kg [34]. 3. Industry Situation - Supply - Side - Inventory: In the 35th week, the physical inventory of 36 sample points was 9456 tons, a decrease of 63 tons from last week, a week - on - week decrease of 0.66% and a year - on - year increase of 74.95% [39]. - Supply - Side - Production: The crop is growing well, and it is expected that the jujube production in the 2024/25 season will recover [44]. - Demand - Side - Export: In July 2025, China's jujube export volume was 1784164 kg, the export value was 30320227 yuan, and the average export price was 16994.08 yuan/ton. The export volume increased by 1.08% month - on - month and decreased by 24.95% year - on - year. From January to July, the cumulative export volume was 18899838 kg, with a cumulative year - on - year increase of 14.05% [46]. - Demand - Side - BOCE Trading: This week, the order volume of BOCE Xinjiang Zao Hao Pai was not traded [50]. 4. Options Market and Futures - Stock Correlation - Options Market: The implied volatility of at - the - money jujube options this week is mentioned, but no specific data is provided [52]. - Stock Market - Haoxiangni: A chart of Haoxiangni's price - to - earnings ratio is presented, but no specific analysis is provided [54].