下游逐步进入年度收尾阶段 沥青期货以震荡为主

Core Viewpoint - The asphalt futures market shows a strong performance with the main contract reaching 3370.00 yuan/ton, reflecting a 1.97% increase [1] Group 1: Market Data - As of February 3, the Shanghai Futures Exchange reported that the oil asphalt factory warehouse futures inventory stood at 26,490 tons, unchanged from the previous trading day [2] - The asphalt warehouse futures inventory was 13,580 tons, also unchanged from the previous trading day [2] - The asphalt operating rate decreased by 1.3 percentage points week-on-week to 25.5%, which is 2.6 percentage points lower than the same period last year, indicating a relatively low level compared to recent years [2] - As of January 26, 2026, the total inventory of 104 social warehouses for asphalt in China reached 1.205 million tons, an increase of 2.6% from January 22 and a year-on-year increase of 21.0% [2] Group 2: Institutional Insights - New Lake Futures notes that with the Spring Festival approaching, market supply and demand are showing regional disparities, with southern projects nearing completion and limited terminal releases, while northern markets exhibit low trading activity [4] - Guoxin Futures reports that the daily operating load rate for asphalt in China is at 28.95%, maintaining a relatively low range, providing stable support [4] - Demand for winter asphalt is generally weak, and geopolitical uncertainties in regions like the Middle East are impacting asphalt prices from the cost side [4] - Short-term trading strategies are recommended to focus on a range-bound approach [4]