瑞达期货红枣产业日报-20251111

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View of the Report - Xinjiang's new - season jujube acquisition in some areas is over, and the picking progress in other areas is 3 - 40%. Merchant purchasing enthusiasm has weakened [2]. - As of November 6, 2025, the physical inventory of 36 sample points of jujubes this week was 9,541 tons, an increase of 193 tons from last week, a 2.06% week - on - week increase and a 131.35% year - on - year increase [2]. - Merchants are more active in purchasing cost - effective old jujubes and less enthusiastic about purchasing new - season raw materials. The producing areas are in the concentrated picking stage, and attention should be paid to changes in buyers' purchasing enthusiasm and structure [2]. - The prices in the sales areas have been slightly reduced, and downstream customers mostly wait and make purchases as needed. For operations, previously held short positions can take profits, and new positions should wait and see [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract was 9,495 yuan/ton, a decrease of 90 yuan; the main contract's open interest was 149,416 lots, a decrease of 811 lots [2]. - The net long position of the top 20 futures holders was - 7,710 lots, a decrease of 2,254 lots; the number of warehouse receipts was 0, unchanged; the total number of effective warehouse receipt forecasts was 0, unchanged [2]. Spot Market - The prices of Kashgar jujube bulk goods, Hebei and Henan first - grade grey jujube wholesale, Henan, Hebei, Guangdong jujube special - grade, and Guangdong jujube first - grade remained unchanged. The prices of Alar and Aksu jujube bulk goods decreased by 0.15 yuan/kg and 0.3 yuan/kg respectively, and the price of Hebei jujube special - grade decreased by 0.09 yuan/kg [2]. Upstream Market - The annual jujube output was 6.069 million tons, an increase of 3.187 million tons; the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national jujube inventory this week was 9,541 tons, an increase of 193 tons; the monthly jujube export volume was 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly jujube export volume was 23,548,402 kg, an increase of 2,283,671 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni was 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year quarterly jujube production growth rate was 1.47%, a decrease of 34.59 percentage points [2]. Industry News - In Hebei Cuierzhuang Market, 6 trucks of jujubes arrived, with the reference price of special - grade jujubes at 9.80 - 10.20 yuan/kg and first - grade jujubes at 9.20 yuan/kg, showing a weakening trend. The prices of new - season finished products were slightly adjusted, with new - season special - grade jujubes at 10.80 - 11.30 yuan/kg and new - season first - grade jujubes at 9.80 - 10.30 yuan/kg [2]. - In Guangdong Ruyifang Market, 3 trucks of jujubes arrived, with stable prices. The purchasing enthusiasm of downstream merchants was average, and about 1 truck was sold [2].