PP：现货下跌，成交平淡

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - The domestic PP market remains weak, with some grades declining by 10 - 50 yuan/ton. PP futures are running at a low level, intensifying the wait - and - see atmosphere in the spot market. The weakening cost support and low - running futures lead to lower offers from traders, and the overall market trading is flat. The PP trend strength is - 1, indicating a bearish outlook [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The PP2509 contract closed at 7070 yesterday, down 0.59%. The trading volume was 218,846, and the open interest increased by 497. The 09 - contract basis was 0 (previous day: 17), and the 09 - 01 contract spread was 58 (previous day: 62) [1]. - Spot Price: In North China, the spot price was 7060 - 7160 yuan/ton (previous day: 7070 - 7160); in East China, it was 7070 - 7250 yuan/ton (previous day: 7120 - 7250); in South China, it was 7120 - 7230 yuan/ton (previous day: 7140 - 7250) [1]. 3.2 Spot News - The domestic PP market continued to be weak, with some grades dropping 10 - 50 yuan/ton. PP futures at a low level increased the wait - and - see mood. Lower prices from some enterprises weakened cost support, prompting traders to offer lower prices. The downstream new orders are limited, and procurement is cautious, resulting in flat trading [2]. 3.3 Trend Intensity - The PP trend intensity is - 1, suggesting a bearish view, with the range of trend intensity being [-2, 2] [2].