Spot Price Drops, AP2110 has Limited Room for Rebound

　　Domestic disk: Apple futures 2110 contract highest reported 6130, lowest reported 6002, closing 6100, +2.16% from the previous trading day; trading volume 231774; position 225194, +12472.

　　News: According to Zhongguo.com, the supply of paper bags in Weinan Baishui, Chengcheng and other production areas in Shaanxi has increased. However, due to the epidemic, there are not many foreign merchants taking goods, prices have generally fallen, and transactions have been average. Fuji continues to clear the inventory in the production area, and the purchase volume of customers is average, and the consumption of inventory sources is still slow. In addition, the quality of the sources is uneven, and actual transactions are based on quality. In terms of spot: Shandong Yantai Qixia Paper Bag Red Fuji 80# and above the first and second grade prices are around 2.2 yuan/jin, the paper bag Fuji 80# first and second grade red price is 1.8-2.0 yuan/jin (customer).

　　Position analysis: The top 20 long positions in the Apple futures contract at the Zhengzhou Commodity Exchange on that day were 201088 lots, +18346; short positions were 22,730,30, +12955; net short positions were 25,942 lots.

　　Summary: New season’s early maturity market: Gala is the main market for early-maturing fruits in the new season. The open scale price is slightly lower than the same period last year, but the overall trading market atmosphere is acceptable. Old crop apple market: As of August 5, the national cold storage apple inventory is 1.65 million tons, which is still higher than the same period last year. It is less than 2 months away from the sales time. At present, the psychology of customers has changed, and they are still cautious about the market outlook. Mainly at the same price. It is recommended that Apple’s 2110 contract be the mainstay in the short-term.