LPG：成本宽幅震荡，短期支撑走弱

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. Group 2: Report's Core View - The cost of LPG fluctuates widely, and the short - term support weakens. The LPG trend strength is 0, indicating a neutral view [1][6]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures - PG2507 had a yesterday's closing price of 3,992 with a daily decline of 3.11%. The trading volume was 79,663, an increase of 8244 from the previous day, and the open interest was 71,892, an increase of 339 from the previous day [1]. - PG2508 had a yesterday's closing price of 3,908 with a daily decline of 3.10%. The trading volume was 15,582, an increase of 4357 from the previous day, and the open interest was 36,288, an increase of 2865 from the previous day [1]. Spreads - The spread between Guangzhou domestic gas and the 07 contract was 708, compared with 580 the previous day. The spread between Guangzhou imported gas and the 07 contract was 758, compared with 660 the previous day [1]. Key Price Data in the Industry Chain - The PDH operating rate this week was 63.3%, up from 61.2% last week. The MTBE operating rate was 54.2%, down from 55.4% last week. The alkylation operating rate was 48.3%, up from 39.9% last week [1]. 2. Market Information Saudi CP Expectations - On May 29, 2025, the expected price of propane for July Saudi CP was 574 USD/ton, up 2 USD/ton from the previous trading day; the expected price of butane was 544 USD/ton, down 3 USD/ton from the previous trading day. The expected price of propane for August Saudi CP was 555 USD/ton, and the expected price of butane was 525 USD/ton [7]. Domestic PDH Device Maintenance Plans - Multiple domestic PDH devices have maintenance plans, including those of companies such as Puyang Yuandong Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with some start - times dating back to 2023 and end - times mostly undetermined [7]. Domestic Liquefied Gas Factory Device Maintenance Plans - Many domestic refineries and plants have device maintenance plans, with varying normal production volumes, loss volumes, start - times, and end - times. For example, Zhenghua Petrochemical in Shandong has had a device under maintenance since May 14, 2024, with a normal production volume and loss volume of 400 [10].