红枣市场周报-20250905

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 4.43%. The sales area market has a low arrival volume, and the downstream purchasing enthusiasm is average, resulting in a cold trading atmosphere. As of September 4, 2025, the physical inventory of 36 sample points of jujubes was 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45%. The inventory decreased slightly, but the supply pressure remains. The jujube market is in a "lean period", with complex market sentiment and price trends. The downstream demand is weak, the old - crop inventory is still high, and the supply - demand contradiction has not been effectively alleviated. The spot price has begun to loosen, and the jujube futures show a weak oscillating trend. It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3. Summary by Directory 3.1 Week - to - Week Summary - Future trading reminders include spot price and consumer side. The price of the main contract of Zhengzhou jujube decreased this week, with a weekly decline of about 4.43%. The sales area market has low arrival volume, average downstream purchasing enthusiasm, and a cold trading atmosphere. As of September 4, 2025, the physical inventory of 36 sample points decreased by 0.49% month - on - month and increased by 76.45% year - on - year. The supply pressure remains. The downstream demand is weak, the old - crop inventory is high, and the supply - demand contradiction is not alleviated. The spot price has loosened, and the jujube futures are in a weak oscillating trend. It is recommended to wait and see for the short - term operation of the Zhengzhou jujube 2601 contract [10]. 3.2 Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2601 contract dropped significantly this week, with a weekly decline of about 4.43% [12]. - Top 20 positions: As of this week, the net position of the top 20 in jujube futures was - 5,625 lots [17]. - Warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 9,986 [21]. - Futures price spread: As of this week, the price spread between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was - 140 yuan/ton [24]. - Basis: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was - 710 yuan/ton [27]. - Purchase price of bulk jujubes in the main producing areas: As of September 5, 2025, the bulk jujube price in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [30]. - Spot price of first - grade jujubes: As of September 5, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei and Henan was 4.75 yuan/jin [33]. - Spot price of special - grade jujubes: As of September 5, 2025, the wholesale price of special - grade grey jujubes in Cangzhou, Hebei was 10.29 yuan/kg, and in Henan was 10.5 yuan/kg [36]. 3.3 Industry Situation - Supply side - Inventory: As of September 4, 2025, the physical inventory of 36 sample points of jujubes was 9,410 tons, a decrease of 46 tons from last week, a month - on - month decrease of 0.49% and a year - on - year increase of 76.45% [41]. - Supply side - Yield: In the 2024/25 production season, the jujube yield increased to 606.9 million tons due to good crop growth [44]. - Demand side - Export volume: As of July 31, 2025, the monthly export volume of jujubes was 1,784,164 kg, a month - on - month increase of 1.08%; the cumulative export volume from January to July 2025 was 18,899,838 kg, a month - on - month increase of 10.42% [46]. - Demand side - BOCE trading: This week, the BOCE Xinjiang Zao Hao brand had a small amount of trading in orders [51]. 3.4 Options Market and Futures - Stock Correlation - Options market: The report mentions the implied volatility of at - the - money jujube options this week, but no specific data is provided [52]. - Futures - stock correlation: The report shows the price - earnings ratio of Hao Xiang Ni, but no specific analysis is provided [54].