申万期货品种策略日报：聚烯烃（LL、PP）-20250603

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Before the holiday, polyolefins showed a weak performance. The consumption of polyolefins has temporarily peaked and declined, and the previous rebound in the market has digested the positive macro - factors at home and abroad. The decline in crude oil prices has reduced the cost support for chemicals, but the slight rebound in international crude oil prices during the long - holiday is conducive to the stabilization of polyolefins [2] Group 3: Summary According to Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 6923, 6928, and 6960 respectively, with price drops of - 62, - 62, and - 65, and declines of - 0.89%, - 0.89%, and - 0.93%. The trading volumes were 35322, 83, and 311232, and the open interests were 108143, 513, and 548604, with changes of 4615, 39, and 5320. The current spreads of January - May, May - September, and September - January were - 5, - 32, and 37 [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6802, 6817, and 6875 respectively, with price drops of - 62, - 55, and - 43, and declines of - 0.90%, - 0.80%, and - 0.62%. The trading volumes were 35928, 229, and 267599, and the open interests were 80929, 517, and 514977, with changes of 2828, 193, and - 6161. The current spreads of January - May, May - September, and September - January were - 15, - 58, and 73 [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 2222 yuan/ton, 6410 yuan/ton, 625 dollars/ton, 5600 yuan/ton, 6940 yuan/ton, and 8800 yuan/ton respectively [2] - Mid - stream: The current price ranges in the East China, North China, and South China markets for LL were 7200 - 7750 yuan/ton, 7200 - 7400 yuan/ton, and 7350 - 7700 yuan/ton respectively; for PP, they were 7050 - 7200 yuan/ton, 7050 - 7200 yuan/ton, and 7100 - 7300 yuan/ton respectively [2] News - On Monday (June 2), the settlement price of West Texas Intermediate crude oil futures for July 2025 on the New York Mercantile Exchange was $62.52 per barrel, up $1.73 or 2.85% from the previous trading day. The settlement price of Brent crude oil futures for August 2025 on the London Intercontinental Exchange was $64.63 per barrel, up $1.85 or 2.95% from the previous trading day [2]