PP：价格小跌，成交转淡

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report's Core View - The domestic PP market showed a weak consolidation trend, with prices of some resources dropping by 10 - 20 yuan/ton. The weak and volatile PP futures suppressed the trading confidence of spot market participants. Sellers focused on pre - holiday shipments, and some offers were slightly adjusted down. Downstream factories had basically completed pre - holiday stockpiling, resulting in dull raw material demand and a weaker market atmosphere compared to the previous trading day. The PP trend intensity was - 1, indicating a bearish outlook [2] 3. Summary by Relevant Content Fundamental Tracking - Futures Data: The closing price of PP2509 was 7092, with a daily decline of 0.27%. The trading volume was 226,916, and the open interest increased by 4289. The 09 - contract basis was 78 (previous day: 88), and the 09 - 01 contract spread was 64 (previous day: 58) [1] - Spot Price: In the North China region, the spot price ranged from 7080 - 7290 yuan/ton (previous day: 7080 - 7300 yuan/ton); in the East China region, it was 7170 - 7300 yuan/ton (unchanged from the previous day); in the South China region, it was 7160 - 7360 yuan/ton (previous day: 7180 - 7380 yuan/ton) [1] Spot News - The domestic PP market was weakly consolidated, with some resource prices dropping by 10 - 20 yuan/ton. The weak PP futures affected market confidence, sellers sold before the holiday, and downstream demand was dull [2] Trend Intensity - The PP trend intensity was - 1, indicating a bearish outlook, with the range of trend intensity being integers within [- 2, 2] [2]