PP：现货持稳，成交冷淡

Report Industry Investment Rating - No information provided Core View - The domestic PP market fluctuated narrowly. The futures' volatile operation had limited guidance for the spot market. Some producers raised factory prices, giving strong cost support to traders' goods. However, some traders slightly reduced prices to promote sales. Downstream buyers were cautious and mainly replenished goods on a need - basis at low prices, resulting in general market trading [2]. - The PP trend intensity is 0, indicating a neutral outlook [2]. Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of PP2509 was 7262, with a daily decline of 0.08%. The trading volume was 387,080, and the open interest decreased by 6373 [1]. - Spread Data: The 09 - contract basis was - 12 (previous day: - 2), and the 09 - 01 contract spread was 62 (previous day: 54) [1]. - Spot Price Data: In North China, the spot price ranged from 7160 - 7280 yuan/ton (previous day: 7160 - 7270); in East China, it was 7250 - 7330 yuan/ton (previous day: 7240 - 7330); in South China, it was 7200 - 7330 yuan/ton (previous day: 7170 - 7330) [1]. Spot News - The domestic PP market had a narrow - range fluctuation. Futures' performance had limited influence on the spot market. Some producers raised prices, while some traders offered small discounts to boost sales. Downstream buyers were cautious and mainly made low - price, need - based purchases, leading to average market trading [2]. Trend Intensity - The PP trend intensity was 0, within the range of [-2, 2], indicating a neutral view [2].