沥青 多头优势增强

Core Viewpoint - The asphalt futures 2601 contract experienced a volatile consolidation, with a closing price of 3274 yuan/ton and a slight decrease in open interest by 1242 contracts to 196,026 contracts, reflecting a 0.63% decline [1]. Group 1: Market Dynamics - The top 20 positions in the futures market showed an increase in both long and short positions, with long positions rising by 2924 contracts to 143,435 contracts and short positions increasing by 2848 contracts to 141,415 contracts, resulting in a net long position expansion to 2020 contracts [1]. - Among the top 20 long positions, eight entities increased their long positions, with three firms—Guotai Junan Futures, Huayuan Futures, and Dongzheng Futures—raising their long positions by over 500 contracts, specifically by 3168, 1487, and 841 contracts respectively [1]. Group 2: Short Position Changes - In the top 20 short positions, 11 entities increased their short positions, with four firms—Zhejiang Merchants Futures, Qiankun Futures, Nanhua Futures, and Guolian Futures—raising their short positions by over 500 contracts, specifically by 3272, 2457, 675, and 1083 contracts respectively [2]. Group 3: Investor Sentiment - Notably, only one entity in the top 20 positions switched from long to short, indicating a cautious sentiment among investors regarding the potential for a rebound in asphalt prices. Huatai Futures reduced its long positions by 398 contracts while increasing its short positions by 476 contracts [4]. - Conversely, four entities adopted a short-to-long strategy, suggesting a belief in a potential price stabilization after a brief adjustment. Guotai Junan Futures, Dongzheng Futures, and others increased their long positions while reducing their short positions, reflecting a shift in investor sentiment towards a more bullish outlook [4].