盘面地缘溢价回落，现货涨跌互现

1. Report Industry Investment Rating - Unilateral: Neutral, focus on the progress of US-Iran negotiations [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - Due to the planned negotiations between Iran and the US, the geopolitical situation has eased marginally. This week, crude oil prices have significantly corrected, driving down the prices of energy and chemical products including asphalt. Before a relatively clear result or signal emerges from the Iran - US negotiations, the market may be repeatedly disturbed by news, and caution is needed considering the approaching Spring Festival holiday [1]. - From the perspective of the asphalt market structure, the current fundamentals are in a situation of weak supply and demand, with relatively low trading volume. After the sharp decline in the BU futures market, the futures - spot price of asphalt has converged, and the basis has been repaired. Excluding geopolitical and macro - level disturbances, the contradictions within the asphalt market are relatively limited. The cost and yield changes brought about by raw material switching may gradually become clear after March, and the futures market may turn to a volatile state after a short - term correction [1]. 3. Summary by Relevant Catalogs Market Analysis - On the afternoon of February 3, the closing price of the main BU2603 asphalt futures contract was 3,309 yuan/ton, a decrease of 58 yuan/ton or 1.72% from the previous day's settlement price. The open interest was 110,778 lots, a decrease of 16,712 lots compared to the previous day, and the trading volume was 167,414 lots, a decrease of 129,940 lots compared to the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,506 - 3,600 yuan/ton; Shandong, 3,210 - 3,270 yuan/ton; South China, 3,280 - 3,320 yuan/ton; East China, 3,250 - 3,280 yuan/ton [1]. Figures - The report includes figures on asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production (total, independent refineries, in different regions), domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]