红枣市场周报-20260320

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of about 2.80%. The spot market's purchasing and sales atmosphere is relatively weak, and downstream buyers mostly maintain a strategy of purchasing as needed, lacking the willingness for centralized restocking. The overall trading activity is low, and market sentiment is cautious. As of March 19, 2026, the physical inventory of 36 sample points of jujubes this week was 11,540 tons, a decrease of 160 tons from last week, a month - on - month decrease of 1.37%, and a year - on - year increase of 5.60%. The domestic jujube inventory showed a slight downward trend this week, but the market has gradually entered the seasonal off - season for consumption. With the continuous rise in temperature and the increasing supply of seasonal fruits, the terminal consumption demand for jujubes is expected to show a seasonal weakening trend [7]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - Market Review: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 2.80% [7]. - Market Outlook: The spot market is weak, downstream buyers purchase as needed, and the market is in a seasonal off - season. The terminal consumption demand for jujubes is expected to weaken seasonally [7]. - Future Trading Tips: Pay attention to spot prices and the consumer side [7]. 3.2 Futures and Spot Market - Futures Price: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 2.80% [12]. - Top 20 Positions: As of this week, the net position of the top 20 in jujube futures was - 20,632 lots [15]. - Futures Warehouse Receipts: As of this week, the number of Zhengzhou jujube warehouse receipts was 4,112 [19]. - Futures Spread: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 395 yuan/ton [22]. - Basis: As of this week, the basis between the spot price of Hebei gray jujubes and the main contract of jujube futures was 300 yuan/ton [25]. - Purchase Price in Main Producing Areas: As of March 20, 2026, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [28]. - First - Grade Jujube Spot Price: As of March 20, 2026, the wholesale price of first - grade gray jujubes in Cangzhou, Hebei was 3.95 yuan/jin, and in Henan was 4.15 yuan/jin [32]. - Special - Grade Jujube Spot Price: As of March 20, 2026, the spot price of special - grade gray jujubes in Cangzhou, Hebei was 9.14 yuan/kg, and the wholesale price in Henan was 9.50 yuan/kg [36]. 3.3 Industry Chain Situation - Supply Side - Inventory: As of March 19, 2026, the physical inventory of 36 sample points of jujubes this week was 11,540 tons, a decrease of 160 tons from last week, a month - on - month decrease of 1.37%, and a year - on - year increase of 5.60% [41]. - Supply Side - Production: The jujube production in the 2025/26 production season is expected to decline [45]. - Demand Side - Export: In February 2026, China's jujube export volume was 2,017,112 kg, the export value was 32,204,511 yuan, the export average price was 15,965.65 yuan/ton, the export volume decreased by 56.25% month - on - month and 28.96% year - on - year. The cumulative export from January to February was 6,627,373 kg, a cumulative year - on - year decrease of 9.71% [48]. - Demand Side - BOCE Trading: This week, the order volume of BOCE Xinjiang Jujube Good Brand had a small amount of transactions [53]. 3.4 Options Market and Futures - Stock Correlation - Options Market: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart [54]. - Stock Market - Hao Xiang Ni: The price - to - earnings ratio chart of Hao Xiang Ni is provided [56].