红枣市场周报-20260130

Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.70%. The Spring Festival is the traditional peak season for jujube consumption, and entering the twelfth lunar month is the last wave of stocking period before the Spring Festival. Due to the relatively dispersed acquisition structure in the 2025 production season, the industry generally has a cautious expectation for the new season's market after the Spring Festival. Therefore, most holders tend to actively sell goods to reduce inventory pressure. The inventory of 36 sample physical warehouses decreased this week, but the current sales speed is slower compared to the same period last year, and the expected pre - holiday sales volume accounts for 40 - 50% of the mainland procurement volume, with limited subsequent growth space. The 2025/26 jujube production season is expected to see a decline in production [10][13] 3. Summary According to the Directory Week - ly Key Points Summary - Future trading prompts include spot prices and the consumer side - The price of the main contract of Zhengzhou jujube futures rose this week, with a weekly increase of about 1.70% - The Spring Festival is the peak consumption season for jujubes, but the industry is cautious about the post - holiday market. Holders are eager to sell to reduce inventory - As of January 29, 2026, the physical inventory of 36 sample points was 13,143 tons, a decrease of 925 tons from last week, a 6.58% month - on - month decrease and a 23.99% year - on - year increase. The current sales speed is slower than last year, and the expected pre - holiday sales volume accounts for 40 - 50% of the mainland procurement volume [10] Futures and Spot Market - Futures price: The price of the Zhengzhou jujube 2605 contract rose this week, with a weekly increase of about 1.70% [13] - Futures positions: As of this week, the net position of the top 20 in jujube futures was - 18,529 lots [15] - Futures warehouse receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,317 [20] - Futures price difference: As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 215 yuan/ton [23] - Basis: As of this week, the basis between the spot price of Hebei grey jujubes and the main contract of jujube futures was 350 yuan/ton [26] - Spot purchase price: As of January 30, 2026, the purchase price of Aksu jujube bulk goods was 5.15 yuan/kg, Alar was 5.65 yuan/kg, and Kashgar was 6.5 yuan/kg - First - grade jujube spot price: As of January 30, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin - Special - grade jujube spot price: As of January 30, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.30 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [29][30][35] Industry Chain Situation - Supply side - inventory: As of January 29, 2026, the physical inventory of 36 sample points was 13,143 tons, a decrease of 925 tons from last week, a 6.58% month - on - month decrease and a 23.99% year - on - year increase [39] - Supply side - production: The jujube production in the 2025/26 production season is expected to decline [43] - Demand side - export: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, and the export average price was 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. From January to December 2025, the cumulative export volume was 34,362,765 kg, a cumulative year - on - year decrease of 3.58% [46] - Demand side - BOCE trading: This week, the BOCE Xinjiang Zao Hao brand had only a small amount of orders [51] Options Market and Futures - Stock Linkage - Options market: The implied volatility of at - the - money jujube options this week was mentioned, but no specific data was provided - Stock market - Haoxiangni: The price - to - earnings ratio of Haoxiangni was presented, but no specific analysis was provided [52][54]