沥青：震荡延续

Report Title - The report is titled "Asphalt: Continued Volatility" and was released on June 5, 2025 [1] Investment Rating - There is no information about the report's industry investment rating provided in the given content Core View - The core view is that the asphalt market will continue to experience volatility [1] Summary by Directory Fundamental Tracking - Futures Data: BU2507 closed at 3,506 yuan/ton yesterday with a 0.69% increase, and 3,504 yuan/ton last night with a -0.06% change; BU2508 closed at 3,492 yuan/ton yesterday with a 0.55% increase, and 3,490 yuan/ton last night with a -0.06% change. Trading volume and open interest of BU2507 decreased, while the open interest of BU2508 increased slightly [2] - Spot Market: The wholesale price in Shandong increased by 45 yuan/ton to 3,670 yuan/ton, and in the Yangtze River Delta by 20 yuan/ton to 3,600 yuan/ton. The refinery operating rate decreased by 1.28% to 32.57%, and the refinery inventory rate increased by 0.16% to 30.76% [2] - Spread Data: The basis (Shandong - 07) was 164 yuan/ton, the 07 - 08 inter - period spread was 14 yuan/ton, the Shandong - South China spread was 265, and the East China - South China spread was 195 yuan/ton, with corresponding changes compared to the previous day [2] Trend Intensity - The asphalt trend intensity is 0, indicating a neutral outlook. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [9] Market Information - As of June 3, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 84.6 tons, a 2.6% decrease from May 29. The refinery warehouses in the Northeast had the largest de - stocking amplitude. The total inventory of 104 domestic asphalt social warehouses was 187.3 tons, a 0.1% decrease from May 29, with obvious de - stocking in the Northwest [14]