石油沥青日报：局部现货下跌，市场承压运行-20251104

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market is under pressure with local spot prices falling. The current fundamental situation of asphalt is weak, with sluggish terminal demand and concentrated release of long - term refinery resources, suppressing the spot market. Without significant fluctuations in the cost side, the market is expected to continue weak and volatile [2]. 3) Summary According to Related Catalogs Market Analysis - On November 3, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,233 yuan/ton, down 19 yuan/ton or 0.58% from the previous settlement price. The open interest was 207,852 lots, a net increase of 7,905 lots, and the trading volume was 263,304 lots, a net increase of 82,215 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,406 - 3,750 yuan/ton; Shandong 3,150 - 3,620 yuan/ton; South China 3,370 - 3,520 yuan/ton; East China 3,410 - 3,500 yuan/ton [1]. - Spot prices in North China, Shandong, South China, and Sichuan - Chongqing regions fell, while those in other regions remained relatively stable [2]. Strategy - Unilateral: Weak and volatile, with a short - term focus on waiting and seeing. - Inter - period: No strategy. - Cross - variety: No strategy. - Futures - spot: No strategy. - Options: No strategy [3].