申万期货品种策略日报：聚烯烃（LL、PP）-20250611

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - Polyolefins mainly showed a slight rebound. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Currently, from a fundamental perspective, polyolefin consumption has entered a relative off - season, and spot prices generally performed mediocre. The fluctuation of futures prices is more influenced by cost and market sentiment. The rebound of international oil prices helps polyolefins stop falling and stabilize. In the future, the driving force is limited, but due to the relatively low valuation, polyolefins may gradually stop falling, build a bottom, and attempt a rebound [2]. 3. Summary by Related Catalogs Futures Market - LL Futures: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 7078, 7067, and 7106 respectively, with increases of 28 (0.40%), 31 (0.44%), and 28 (0.40%) compared to the day before. The trading volumes were 33611, 210, and 324522, and the open interests were 113054, 665, and 530962, with decreases of 2548, 11, and 14408 respectively [2]. - PP Futures: For the 1 - month, 5 - month, and 9 - month contracts, the previous day's closing prices were 6896, 6889, and 6941 respectively, with increases of 3 (0.04%), 0 (0.00%), and 9 (0.13%) compared to the day before. The trading volumes were 17995, 118, and 295028, and the open interests were 78445, 604, and 511475, with decreases of 375, 18, and 4864 respectively [2]. - Spreads: For LL, the current spreads of 1 - month - 5 - month, 5 - month - 9 - month, and 9 - month - 1 - month were 11, - 39, and 28 respectively; for PP, they were 7, - 52, and 45 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 2279 yuan/ton, 6360 yuan/ton, 608 dollars/ton, 5600 yuan/ton, 6970 yuan/ton, and 8800 yuan/ton respectively [2]. - Spot Market: The current price ranges of LL in the East China, North China, and South China markets were 7150 - 7750 yuan/ton, 7050 - 7300 yuan/ton, and 7250 - 7550 yuan/ton respectively; for PP, they were 7000 - 7150 yuan/ton, 6950 - 7100 yuan/ton, and 7050 - 7200 yuan/ton respectively [2]. Information - On Tuesday (June 10), the settlement price of West Texas Intermediate crude oil futures for July 2025 on the New York Mercantile Exchange was $64.98 per barrel, down $0.31 (0.47%) from the previous trading day, with a trading range of $64.57 - $66.28. The settlement price of Brent crude oil futures for August 2025 on the London Intercontinental Exchange was $66.87 per barrel, down $0.17 (0.25%) from the previous trading day, with a trading range of $66.48 - $68 [2].