石油沥青日报：市场支撑稳固，现货挺价意愿偏强-20250604

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market has a solid short - term support, with the spot market showing a strong willingness to hold prices. However, the improvement in the consumption side is still insufficient, and the increase in rainfall in the south will limit project construction and terminal demand, restricting the market's upward space. The supply - demand weakness pattern continues, but due to the low pressure on regional traders at the beginning of the month, the average domestic asphalt price has increased [1]. 3) Summary by Relevant Catalog Market Analysis - On June 3, the closing price of the main asphalt futures contract BU2507 in the afternoon session was 3482 yuan/ton, up 42 yuan/ton or 1.22% from the previous day's settlement price. The position was 95984 lots, down 4606 lots from the previous day, and the trading volume was 196526 lots, down 98818 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3780 - 4091 yuan/ton; Shandong, 3470 - 3870 yuan/ton; South China, 3410 - 3450 yuan/ton; East China, 3530 - 3620 yuan/ton. Prices in Shandong, North China, and East China markets rose yesterday, while prices in other regions remained stable [1]. - The supply - demand weakness pattern of asphalt continues. The rigid demand for asphalt is generally poor, but due to the low shipment pressure of regional traders at the beginning of the month, the willingness to hold prices is strong, leading to an increase in the average domestic asphalt price. Currently, the increase in market supply is limited, and both the overall operating rate and inventory are at low levels, resulting in limited market pressure and a solid short - term support. However, the improvement in the consumption side is still insufficient [1]. Strategy - Unilateral: Oscillation [2]. - Inter - delivery: Go long on the spread of BU2507 - 2509 at low prices (positive spread trading) [2]. - Inter - commodity: None [2]. - Futures - cash: None [2]. - Options: None [2].