建信期货聚烯烃日报-20250611

Report Information - Report Name: Polyolefin Daily Report [1] - Date: June 11, 2025 [2] Industry Investment Rating - No relevant information provided Core Viewpoints - The upstream device maintenance losses remain at a high level, but the planned maintenance volume after June is expected to decline month-on-month, and the supply reduction support from maintenance will weaken. Coupled with new capacity expansion plans, supply-side pressure will resurface. Demand is under double pressure from seasonal decline and unclear tariff policy expectations. Although the cost side is supported by the peak fuel consumption season in the United States, the supply-demand contradiction of polyolefins still exists, and the rebound space is limited [6] Summary by Directory 1. Market Review and Outlook - Futures market: The opening, closing, highest, lowest prices, price changes, price change rates, trading volumes, and open interest changes of polyolefin futures contracts such as plastic 2601, plastic 2605, plastic 2509, PP2601, PP2605, and PP2509 are presented. For example, plastic 2601 opened at 7067 yuan/ton, closed at 7078 yuan/ton, with a price increase of 30 yuan and a price change rate of 0.43%. [5] - Market performance: L2509 opened higher, fluctuated upward during the session, and closed higher at 7106 yuan/ton, up 27 yuan/ton (0.38%). PP continued to oscillate within the range, with the main contract closing at 6941 yuan/ton, up 6 yuan, a 0.09% increase. The warming of linear and PP futures boosted the market atmosphere. Traders raised prices following the market, and end-users made moderate replenishments [6] 2. Industry News - Inventory: On June 10, 2025, the inventory level of major producers was 855,000 tons, a decrease of 15,000 tons from the previous working day, a decline of 1.72%. The inventory in the same period last year was 835,000 tons [7] - Price: The PP market price rose slightly. The mainstream price of North China wire drawing was 6950 - 7120 yuan/ton, that of East China was 7000 - 7180 yuan/ton, and that of South China was 7060 - 7220 yuan/ton. The PE market price partially increased. In North China, some linear prices rose by 10 - 50 yuan/ton, some high-pressure prices rose by 50 yuan/ton, and low-pressure prices fluctuated by 20 - 50 yuan/ton. Similar price changes were also seen in East and South China [7] 3. Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [9][14][16]