聚烯烃&苯乙烯：供需偏弱，价格震荡 关键：成本支撑

Core Viewpoint - The overall supply and demand for polyolefins is weak, leading to price pressure, while the cost side shows slight support from low oil prices [1] Group 1: Market Dynamics - In the futures market, polyolefins experienced a slight increase, with LLDPE09 contract closing at 7046 yuan/ton, up 0.51%, and PP09 contract closing at 7029 yuan/ton, up 0.34% [1] - Styrene showed a slight increase due to cost support, with EB06 contract closing at 7048 yuan/ton, up 1.19% [1] - In the spot market, LLDPE prices ranged from 7270 to 7900 yuan/ton, while PP prices in various regions were between 7050 and 7380 yuan/ton [1] Group 2: Supply and Demand Analysis - PE supply pressure is increasing, while PP maintenance has slightly alleviated supply pressure; as of April 30, PE operating rate was 81.02% (down 0.14% week-on-week), and PP operating rate was 76.30% (down 0.15% week-on-week) [1] - Downstream demand is seasonally weakening, with oil inventory at 845,000 tons, up 15,000 tons week-on-week; PE trade inventory was 161,150 tons, and PP social trade inventory was 49,250 tons (up 2,850 tons) [1] - Styrene supply is recovering slightly with a weekly operating rate of 69.94% (up 0.88% week-on-week), while demand from three major sectors is declining [1] Group 3: Market Strategy - Polyolefins are expected to experience weak adjustments, with LLDPE support at 6900-6950 yuan/ton and resistance at 7250-7300 yuan/ton; PP support at 6900-6950 yuan/ton and resistance at 7200-7250 yuan/ton [1] - Styrene is anticipated to have limited short-term rebound space, with support at 6750-6800 yuan/ton and resistance at 7350-7400 yuan/ton [1]