石油沥青日报：现货小幅反弹，盘面震荡筑底-20251209

Report Industry Investment Rating - Unilateral: Neutral, wait for the base to consolidate [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-future: None [2] - Options: None [2] Core View of the Report - The asphalt market is experiencing a slight rebound in spot prices and a bottoming process in the futures market. The current fundamental situation shows weak supply and demand. Although the downside space may be limited, a bottom rebound requires more stimulating factors, and the market is waiting for the release of winter storage demand [1] Summary by Relevant Catalogs Market Analysis - On December 8, the closing price of the main asphalt futures contract BU2602 was 2,955 yuan/ton, up 10 yuan/ton or 0.34% from the previous settlement price. The open interest was 195,139 lots, a decrease of 14,471 lots from the previous day, and the trading volume was 171,875 lots, an increase of 66,929 lots from the previous day [1] - The spot settlement prices of heavy-traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,156 - 3,500 yuan/ton; Shandong, 2,860 - 3,470 yuan/ton; South China, 2,950 - 3,150 yuan/ton; East China, 3,100 - 3,300 yuan/ton [1] - Spot prices in North China, Shandong and South China rose slightly, while those in Sichuan and Chongqing fell. The overall supply and demand of asphalt remain weak, with potential for further decline in terminal demand due to cooling. Refineries with quotas have relatively good profits, but local supply competition is intense, suppressing spot prices. The lack of significant release of winter storage demand keeps market sentiment cautious, and the rebound momentum is insufficient [1] Strategy - Unilateral: Maintain a neutral stance and wait for the bottom to be consolidated [2] - Cross-variety: No strategy provided [2] - Cross-period: No strategy provided [2] - Spot-future: No strategy provided [2] - Options: No strategy provided [2]