瑞达期货苹果产业日报-20251105

Report General Information - Report Name: Apple Industry Daily Report 2025 - 11 - 05 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu. In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Summary by Directory Futures Market - The closing price of the apple futures main contract is 8940 yuan/ton, and the position of the main contract is 116,498 hands, a decrease of 8,554 hands compared to the previous period. The net long position of the top 20 futures holders is 670 hands, a decrease of 1,872 hands [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin, both remaining unchanged. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, both remaining unchanged [2]. Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The average wholesale price of apples is 9.46 yuan/kg, and that of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg [2]. Industry Situation - The total national apple cold - storage inventory is 0 million tons. The storage capacity ratios of Shandong and Shaanxi apples are both 0. The monthly export volume of apples is 70,000 tons, remaining unchanged. The monthly export value of apples is 18,379.8 million US dollars, an increase of 2,486.845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6,917.9 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2]. Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.18 yuan/kg, an increase of 0.1 yuan/kg; the wholesale price of watermelons is 5.48 yuan/kg, an increase of 0.02 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen Wholesale Market is 16.2 vehicles, an increase of 0.4 vehicles; that at the Guangdong Xiaqiao Wholesale Market is 20.6 vehicles, and that at the Guangdong Chalong Wholesale Market is 27.6 vehicles, an increase of 3 vehicles [2]. Option Market - The implied volatility of at - the - money call options for apples is 22.5%, and that of at - the - money put options is 22.55%, a decrease of 0.03% [2]. Industry News - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu [2]. Viewpoint Summary - In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Suggested Attention - Pay attention to the cold - storage inventory data on Thursday [2]