石油沥青日报：现货延续跌势，市场氛围偏弱-20251105

Report Summary 1) Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, for asphalt trading strategies, it suggests a cautious and bearish stance, with a short - term focus on waiting and observing [2]. 2) Core Viewpoints - The asphalt market is in a weak state. The futures price of the main contract has declined, and the spot price has also dropped in some regions. The cost - side support is insufficient due to the weak and volatile crude oil prices, and the market sentiment is under pressure because of the pessimistic outlook for future demand [1]. - Excluding the fluctuations in the crude oil end, the fundamental driving force of asphalt itself remains bearish [2]. 3) Summary by Relevant Catalogs Market Analysis - On November 4th, the closing price of the main asphalt futures contract BU2601 in the afternoon session was 3,193 yuan/ton, a decrease of 65 yuan/ton or 2% from the previous day's settlement price. The open interest was 206,960 lots, a decrease of 892 lots compared to the previous day, and the trading volume was 174,057 lots, a decrease of 89,247 lots compared to the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast region, 3,406 - 4,750 yuan/ton; Shandong region, 3,130 - 3,620 yuan/ton; South China region, 3,350 - 3,520 yuan/ton; East China region, 3,410 - 3,500 yuan/ton. The spot prices of asphalt in North China, Shandong, South China, and Sichuan - Chongqing regions decreased yesterday, while those in other regions remained relatively stable [1]. Strategy - Unilateral trading: Cautiously bearish, with a short - term focus on waiting and observing. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2].