红枣市场周报-20251031

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10][13] - Xinjiang merchants are highly motivated to purchase jujubes, actively finalizing orchard and tree contracts, and shipping the harvested jujubes to the inland. The number of spot-futures companies selling at the point price has increased, and some merchants are actively purchasing old-season jujubes, leading to a growth trend in the sample inventory. [10] - As of October 31, 2025, the physical inventory of 36 sample points for jujubes this week was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10][43] - In the sales area market, the price in the Hebei market has slightly decreased, and merchants are selectively purchasing with small transactions. The price acceptance is currently average. It is expected that the production area will enter the concentrated harvesting stage in early November. Attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3. Summary by Directory 3.1 Week - ly Key Points Summary - Future trading reminders include monitoring spot prices and consumer demand. [10] - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10] - The physical inventory of 36 sample points for jujubes as of October 31, 2025, was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10] - It is expected that the production area will enter the concentrated harvesting stage in early November, and attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 5.63%. [13] - As of this week, the net position of the top 20 in jujube futures was -4,425 lots. [17] - As of this week, the number of Zhengzhou jujube warehouse receipts was 0. [21] - As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 30 yuan/ton. [24] - As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 255 yuan/ton. [28] - As of October 31, 2025, the purchase price of general jujubes in Aksu was 6.75 yuan/kg, in Alar was 7.15 yuan/kg, and in Kashgar was 7.5 yuan/kg. [31] - As of October 31, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin. [35] - As of October 31, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.40 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg. [39] 3.3 Industry Chain Situation - Supply side: As of October 31, 2025, the physical inventory of 36 sample points for jujubes was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. The jujube production in the 2024/25 season increased to 6.069 million tons [43][46]. - Demand side: In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan, an average export price of 15,916.449 yuan/ton. The export volume decreased by 3.43% month - on - month and 13.54% year - on - year. From January to September 2025, the cumulative export volume was 23,548,402 kg, a cumulative year - on - year increase of 5.12%. The BOCE Xinjiang jujube good brand trading was冷清 this week, with only a small amount of orders being filled [48][53]. 3.4 Option Market and Futures - Stock Correlation - Option market: Information on the implied volatility of at - the - money jujube options this week was presented [54]. - Stock market: The price - to - earnings ratio of Hao Xiang Ni was shown [56].