申万期货品种策略日报：聚烯烃（LL、PP）-20250512

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View - On Friday, the polyolefin market showed weak performance. The consumption of polyolefins has temporarily peaked and declined. However, due to cost - side fluctuations, polyolefins at a low - valuation state resist downward movement. After the Sino - US meeting over the weekend, attention should be paid to subsequent energy - chemical and tariff policies [2]. 3. Summary by Relevant Catalog Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6911, 7230, and 6976 respectively, with price drops of - 37, - 60, and - 40, and percentage drops of - 0.53%, - 0.82%, and - 0.57%. The trading volumes were 19578, 525, and 263134, and the open interests were 69739, 4448, and 544266, with increases of 2720, - 465, and 8999 respectively. The spreads between January - May, May - September, and September - January were - 319, 254, and 65, compared to previous values of - 342, 274, and 68 [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 6886, 7076, and 6967 respectively, with price drops of - 18, - 6, and - 18, and percentage drops of - 0.26%, - 0.08%, and - 0.26%. The trading volumes were 14072, 777, and 254390, and the open interests were 38629, 4422, and 476705, with increases of 2414, - 398, and 10804 respectively. The spreads between January - May, May - September, and September - January were - 190, 109, and 81, compared to previous values of - 178, 97, and 81 [2]. Raw Materials and Spot Market - Raw Materials: The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2231 yuan/ton, 6510 yuan/ton, 638 dollars/ton, 5600 yuan/ton, 6930 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2221 yuan/ton, 6530 yuan/ton, 638 dollars/ton, 5600 yuan/ton, 6920 yuan/ton, and 8800 yuan/ton [2]. - Spot Market: For LL, the current prices in East China, North China, and South China markets were 7250 - 7900 yuan/ton, 7250 - 7600 yuan/ton, and 7450 - 7700 yuan/ton respectively. For PP, the current prices in East China, North China, and South China markets were 7100 - 7300 yuan/ton, 7050 - 7300 yuan/ton, and 7150 - 7350 yuan/ton respectively [2]. News - On Friday (May 9), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $61.02 per barrel, up $1.11 or 1.85% from the previous trading day, with a trading range of $59.89 - $61.45. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $63.91 per barrel, up $1.07 or 1.70% from the previous trading day, with a trading range of $62.84 - $64.24 [2].