Group 1: Report Overview - The report is an Apple Daily from the Agricultural Products R & D Report on February 24, 2024, analyzing the apple market [1] Group 2: Market Information Spot Prices - Fuji apple price index was 107.22, down 0.30 from the previous workday; 6 - fruit average wholesale price was 8.10, up 0.12 from the previous workday [2] - Prices of various apple varieties like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80 remained stable [2] Futures Prices - AP01 was 8286, down 15 from the previous close; AP05 was 9705, down 130; AP10 was 8425, down 45 [2] - Spreads like AP01 - AP05, AP05 - AP10, and AP10 - AP01 changed by 115, - 82, and - 30 respectively [2] Basis - Basis of Qixia first and second - grade 80 against AP01, AP05, and AP10 changed by 15, 130, and 45 respectively [2] Group 3: Market News and Views Transaction Logic - Pre - Spring Festival apple出库 data was okay, and inventory decreased significantly, with the year - on - year inventory decline widening. Apple demand was not bad considering the high cold - storage apple prices [5] - The apple warehouse receipt cost this season is around 9700 - 10000 yuan/ton. As the March contract is approaching the delivery month after the Spring Festival, the market may trade the warehouse receipt cost, and the price of the May contract is expected to remain strong in the short term [5] Transaction Strategy - For the single - side strategy, go long on the May contract on dips and short the October contract on rallies [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For options, it is recommended to wait and see [8] Group 4: Related Attachments - There are 10 figures in total, including those showing the prices of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, spreads between different AP contracts, apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and national cold - storage apple出库 volume [10][11][12]