建信期货聚烯烃日报-20250627

Report Overview - Report Date: June 27, 2025 [1] - Reported Industry: Polyolefins [1] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Polyolefin futures showed an upward trend, but the spot price continued to decline. The market trading atmosphere was average, and factories were cautious in purchasing. The geopolitical conflict premium decreased, the cost - side support weakened, the supply showed an increasing trend, and the demand was in the off - season with limited support. The futures - spot basis slightly recovered but remained low, and the supply - demand surplus situation widened, suppressing prices [4]. 3. Summary by Section 3.1 Market Review and Outlook - LianSu L2509 opened higher, fluctuated during the session, and closed up at 7300 yuan/ton, up 52 yuan/ton (0.72%), with a trading volume of 3.85 million lots and an increase in positions by 9257 to 471,020 lots. PP's main contract closed at 7108 yuan/ton, up 38 yuan (0.54%), with an increase in positions by 5024 to 429,400 lots [4]. 3.2 Industry News - On June 26, 2025, the inventory level of major producers was 740,000 tons, a decrease of 25,000 tons (3.27%) from the previous working day, compared with 725,000 tons in the same period last year [5]. - PE market prices continued to decline. The LLDPE prices in North China, East China, and South China were in the ranges of 7280 - 7450 yuan/ton, 7350 - 7800 yuan/ton, and 7450 - 7700 yuan/ton respectively [5]. - Propylene prices on the west coast of the Yellow Sea continued to decline, with the mainstream price at 6600 yuan/ton. The trading atmosphere improved slightly [5]. - The PP market was mainly in a narrow - range consolidation. The futures' warm - up oscillation had limited impact on the confidence of spot market participants, and there was a strong wait - and - see sentiment. The mainstream prices of North China, East China, and South China PP filaments were in the ranges of 7060 - 7170 yuan/ton, 7130 - 7250 yuan/ton, and 7150 - 7250 yuan/ton respectively [5]. 3.3 Data Overview - The report provides data on futures market quotes, including opening, closing, highest, lowest prices, price changes, price change rates, positions, and position changes of different contracts of plastics and PP [3]. - There are also figures related to L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventories and their year - on - year changes, with data sources from Wind and Zhuochuang Information [12][13][15].