Guoxin Futures: Asphalt prices fluctuate at high levels, monitoring cost-side price volatility

The main contract for asphalt futures BU2606 rose by 3.10%, with open interest at 186.3k lots. According to Zhuochuang Information, on the supply side, refinery operating rates remain low, market resource deployment is controllable, and overall supply pressure is limited; although demand is recovering slowly, with rising temperatures and the resumption of work, rigid demand is expected to gradually improve, providing marginal support for prices; recently, due to tensions in Middle Eastern geopolitics, international oil prices have surged significantly, providing clear cost support for asphalt. As market sentiment digests this, crude oil has entered a wide-range oscillation. It is expected that short-term asphalt spot and futures prices will mainly follow crude oil fluctuations, showing a volatile but stronger trend. It is recommended to maintain a buy-on-dip strategy, but attention should be paid to position management and the risk of a pullback from high levels. (Guoxin Futures)