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申万期货品种策略日报：聚烯烃（LL、PP）-20250516
Shen Yin Wan Guo Qi Huo·2025-05-16 01:29

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On Thursday, polyolefins traded in a consolidating manner. From a fundamental perspective, the consumption of polyolefins has temporarily peaked and declined. This week, they rebounded along with the rebound of crude oil. From a macro perspective, the previous China - US meeting reached a consensus, which is generally positive for the commodity market. However, the decline in crude oil prices today requires short - term attention to its subsequent impact on the cost support of chemicals. Overall, after a short - term phased rebound, polyolefins may experience high - level consolidation in the future [2] Group 3: Summary According to Relevant Catalogs Futures Market - Prices: For different contract months of LL and PP, there were both increases and decreases. For example, the 1 - month LL contract decreased by 42 yuan to 7217 yuan, a decline of 0.58%, while the 5 - month LL contract increased by 20 yuan to 7500 yuan, a rise of 0.27% [2] - Volume and Open Interest: The trading volume and open interest showed different trends. For instance, the trading volume of the 9 - month LL contract was 460827, and its open interest was 527579 with a decrease of 1551 [2] - Spreads: The spreads between different contract months also changed. For example, the 1 - month to 5 - month spread of LL changed from - 221 to - 283 [2] Spot Market - Raw Materials and Semi - Finished Products: The prices of raw materials such as methanol futures and (semi) - finished products like PP recycled materials showed different trends. For example, the price of methanol futures decreased from 2366 yuan/ton to 2322 yuan/ton [2] - Mid - stream Products: The price ranges of LL and PP in different markets remained relatively stable, with only minor adjustments in some regions [2] Information on Crude Oil - On Thursday (May 15), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $61.62 per barrel, down $1.53 or 2.42% from the previous trading day. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $64.53 per barrel, down $1.56 or 2.36% from the previous trading day [2]