银河期货农产品日报-20251209

Group 1: Report General Information - Report Title: Agricultural Products R & D Report - Apple Daily [1] - Report Date: December 9, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 109.06, up 1.15 from the previous day [2] - 6 - fruit average wholesale price: 7.34, down 0.17 from the previous day [2] Futures Prices - AP01: Up 1 from the previous close; AP05: Down 41; AP10: Down 15 [2] - AP01 - AP05: 80, up 42; AP05 - AP10: 1003, down 26; AP10 - AP01: - 1083, down 16 [2] Basis - Qixia First - and Second - grade 80 - AP01: - 1345, down 1; Qixia First - and Second - grade 80 - AP10: - 262.0, up 15; Qixia First - and Second - grade 80 - AP05: - 1265, up 41 [2] Group 3: Market News and Views Trading Logic - This year's apple production decreased, with a poor high - quality fruit rate and increased storage difficulty. As of November 27, 2025, the national main - producing area apple cold - storage inventory was 766.75 million tons, a decrease of 6.41 million tons from the previous week and 79.5 million tons from last year. The apple fundamentals are strong [5]. Trading Strategies - Unilateral: Apple prices are expected to fluctuate at a high level [6]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [8]. Additional Data - As of December 3, 2025, the national main - producing area apple cold - storage inventory was 763.51 million tons, a decrease of 3.24 million tons from the previous week [8]. - In October 2025, the fresh apple import volume was 0.31 million tons, a month - on - month decrease of 68.09% and a year - on - year increase of 8.54%. The cumulative import volume from January to October 2025 was 11.12 million tons, a year - on - year increase of 19.18%. The export volume in October 2025 was about 8.04 million tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04% [8]. - The apple market in the producing areas is generally stable, with little price change. It is the off - season for apple sales, and buyers' sentiment has turned pessimistic [8]. - The apple price in Qixia, Shandong is stable. The mainstream transaction price range for 65 - 70 apples is 2.0 - 2.2 yuan per jin [8]. Group 4: Related Attachments - The report includes 10 figures, showing the prices of different apple varieties, futures contract spreads, basis, apple arrival volume, 6 - fruit prices, cold - storage inventory, and cold - storage outbound volume [10][13][16][19][24]