红枣市场周报-20250919

Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 4.35%. The jujube market is at a critical juncture between the old and new seasons, and the grey jujubes in the main producing areas have entered the sugar - increasing period. Attention should be paid to the growth of jujube fruits. In the sales area market, the inventory of 36 sample points decreased slightly, the arrival volume was small, the downstream purchasing enthusiasm was average, and the overall trading atmosphere during the double - festival stocking period was weak. It is recommended to take a short - selling approach on rallies for the Zhengzhou jujube 2601 contract in the short term [10][11] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - Future trading tips include monitoring spot prices and the consumer end [10] - The price of the main contract of Zhengzhou jujube declined this week, with a weekly drop of about 4.35% [10][11] - As of September 18, 2025, the physical inventory of 36 sample points was 9247 tons, a decrease of 74 tons from last week, a 0.79% month - on - month decrease, and an 80.64% year - on - year increase [10][38] - The arrival volume in the sales area market was small, the downstream purchasing enthusiasm was average, and the double - festival stocking intensity was general, resulting in a weak overall trading atmosphere [10] - It is recommended to take a short - selling approach on rallies for the Zhengzhou jujube 2601 contract in the short term [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract declined this week, with a weekly drop of about 4.35% [11] - As of this week, the net position of the top 20 holders of jujube futures was - 3617 lots [12] - As of this week, the number of Zhengzhou jujube warehouse receipts was 8430 [17] - As of this week, the price difference between the Zhengzhou Commodity Exchange's jujube futures 2601 contract and the 2605 contract was - 5 yuan/ton [20] - As of this week, the basis between the spot price of Hebei grey jujube and the main contract of jujube futures was - 340 yuan/ton [23] - As of September 19, 2025, the purchase price of jujube bulk goods in Aksu was 4.80 yuan/kg, in Alar was 5.2 yuan/kg, and in Kashgar was 6.0 yuan/kg [26] - As of September 19, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin [30] - As of September 19, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.33 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg [34] 3.3 Industry Chain Situation - Supply side: As of September 18, 2025, the physical inventory of 36 sample points was 9247 tons, a decrease of 74 tons from last week, a 0.79% month - on - month decrease, and an 80.64% year - on - year increase [10][38] - Supply side: The jujube production has recovered significantly, and the output in the 2024/25 production season increased to 606.9 million tons [41] - Demand side: As of July 31, 2025, the monthly export volume of jujubes was 1784164 kg, a 1.08% month - on - month increase; the cumulative export volume from January to July 2025 was 18899838 kg, a 10.42% month - on - month increase [43] - Demand side: The trading of BOCE Xinjiang Jujube Good Brand was sluggish this week, with only a small amount of orders being fulfilled [48] 3.4 Options Market and Futures - Stock Correlation - Options market: Information about the implied volatility of at - the - money jujube options this week was presented, but specific data was not given [49] - Stock market: A graph of the price - to - earnings ratio of Hao Xiang Ni was shown, but specific data was not given [52]