石油沥青日报：成本端支撑有限，需求缺乏实质利好-20250924

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The cost - side support for asphalt is limited, and there is a lack of substantial positive factors in demand. The market may maintain a weak and volatile trend [1][2]. 3) Summary by Relevant Catalogs Market Analysis - On September 23, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3373 yuan/ton, down 41 yuan/ton or 1.2% from the previous settlement price. The open interest was 231,822 lots, a decrease of 4,519 lots from the previous day, and the trading volume was 182,087 lots, an increase of 14,686 lots [2]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,756 - 4,086 yuan/ton; Shandong 3,480 - 3,720 yuan/ton; South China 3,450 - 3,550 yuan/ton; East China 3,520 - 3,600 yuan/ton. The spot prices in Shandong, East China, and South China declined, while those in other regions remained stable [2]. - Against the backdrop of the Fed's interest - rate cuts, the weak fundamentals of crude oil limit its upward momentum, resulting in limited cost - side support for asphalt. Most regions maintain a pattern of strong supply and weak demand, with no substantial positive factors on the demand side. Typhoon weather has temporarily hindered construction in South China, leading to strong market wait - and - see sentiment, and the market may maintain a weak and volatile trend [2]. Strategy - Unilateral: Weak and volatile. - Inter - delivery spread: None. - Inter - commodity spread: None. - Spot - futures: None. - Options: None [3]