瑞达期货苹果产业日报-20251027

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, the short - term apple futures price is expected to remain volatile and tend to be strong [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 8936 yuan/ton, and the main contract position is 143040 lots, with an increase of 12246 lots. The net long position of the top 20 futures holders is 11581 lots, an increase of 4485 lots [2] Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5 yuan/jin, 2.35 yuan/jin, 4 yuan/jin, and 3.2 yuan/jin respectively, with changes of 0, 0.05, 0, and 0 [2] Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1; the average wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12. The national apple cold - storage total inventory is 0 million tons, and the capacity ratios of Shandong and Shaanxi apple cold - storages are both 0, with Shandong's decreasing by 0.01. The monthly export volume of apples is 70000 tons, with no change. The monthly export value of apples is 6917.9 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars, an increase of 248684.5 million US dollars [2] Downstream Situation - The weekly average wholesale prices of mandarins, bananas, and watermelons are 7.3 yuan/kg, 4.82 yuan/kg, and 5.45 yuan/kg respectively, with changes of - 0.3, 0.38, and - 0.11. The early - morning average daily arrival vehicle numbers at Guangdong Jiangmen, Xiaqiao, and Chalong wholesale markets are 15.8, 18.4, and 24.6 respectively, with changes of 0.2, - 0.4, and - 0.2 [2] Option Market - The implied volatilities of at - the - money call and put options for apples are both 22%, with a decrease of 0.91 [2] Industry News - In the Shandong production area, the supply of late - season Fuji apples has increased, and buyers and warehousers are actively purchasing, especially for high - quality goods. In the Shaanxi production area, the price of high - quality goods is strong but scarce, and ordinary goods are priced according to quality. In the Gansu production area, the purchase of high - quality goods is basically completed, with prices remaining high and stable, while the prices of ordinary goods are chaotic due to quality issues. The listing volume of new - season late - maturing Fuji apples has increased, but the harvesting and warehousing progress is delayed compared to the same period last year [2] Viewpoint Summary - Merchants are actively purchasing high - quality goods but relatively cautious about ordinary goods. In the Shandong production area, the supply of new apples is still limited, and the demand for small - quantity purchases has increased, making it difficult for merchants to obtain enough high - quality goods, and the warehousing work is sporadic. In the sales area market, the trading atmosphere is still dull, the sales are slow, and the demand side is under pressure [2]