申万期货品种策略日报：聚烯烃（LL、PP）-20250514

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - On Tuesday, the polyolefin market rebounded slightly. The consumption of polyolefins has temporarily peaked and declined, but due to cost fluctuations and low valuations, there was resistance to the downward trend last week. With the rebound of crude oil prices, polyolefins have also started to rebound. The previous Sino - US meeting consensus is generally positive for the commodity market, and the rebound of international crude oil prices strengthens the support for plastics. PE and PP are expected to continue to rebound in the short term to repair prices [2]. 3. Summary by Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7125, 7337, and 7187 respectively, with price increases of 99, 55, and 97, and increases of 1.41%, 0.76%, and 1.37% respectively. The trading volumes were 53165, 808, and 455073, and the open interests were 76985, 2585, and 536999, with changes of 1499, - 670, and - 3834 respectively. The current spreads of January - May, May - September, and September - January were - 212, 150, and 62 respectively [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 7023, 7139, and 7074 respectively, with price increases of 45, 39, and 44, and increases of 0.64%, 0.55%, and 0.63% respectively. The trading volumes were 33165, 1044, and 418406, and the open interests were 43994, 3373, and 446167, with changes of 673, - 234, and - 11519 respectively. The current spreads of January - May, May - September, and September - January were - 116, 65, and 51 respectively [2]. Raw Materials and Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2450 yuan/ton, 6615 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6990 yuan/ton, and 8800 yuan/ton respectively [2]. - Spot Market: The current price ranges of LL in East China, North China, and South China markets were 7300 - 7700, 7250 - 7500, and 7450 - 7700 respectively. The current price ranges of PP in East China, North China, and South China markets were 7150 - 7300, 7050 - 7250, and 7150 - 7350 respectively [2]. Market News - On Tuesday (May 13), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $63.67 per barrel, up $1.72 or 2.78% from the previous trading day, with a trading range of $61.65 - $63.9. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $1.67 or 2.57% from the previous trading day, with a trading range of $64.63 - $66.81 [2].