Report Information - Report Name: Polyolefin Daily Report [1] - Date: July 3, 2025 [2] Investment Rating - No investment rating provided in the report Core Viewpoint - The futures market of polyolefin opened low and fluctuated upwards, but the market sentiment was not significantly boosted. The cost - end disturbance weakened, and the market returned to its own supply - demand logic. The supply - side pressure from new production capacity continued to be released, and the demand entered the off - season in July. The supply - demand relationship tended to deteriorate, and the single - side market showed a weak downward trend [6] Summary by Directory 1. Market Review and Outlook - The main contract of LLDPE (L2509) opened low, fluctuated upwards during the session, and closed up at 7288 yuan/ton, up 42 yuan/ton (0.72%), with a trading volume of 270,000 lots and a decrease in open interest by 14,574 to 443,293 lots. The main contract of PP closed at 7072 yuan/ton, up 24 yuan (0.34%), with a decrease in open interest by 12,023 lots to 411,306 lots. The trading atmosphere in the spot market was not strong, and terminal procurement was mainly for rigid demand [5][6] - The weekly maintenance volume of PP/PE increased, but the pressure on the supply side from new production capacity such as Zhenhai Refining & Chemical's fourth - line PP and Yulong Petrochemical continued to be released. In July, the off - season characteristics were more obvious, and the downstream operating rate was mainly supported by order execution [6] 2. Industry News - On July 2, 2025, the inventory level of major producers was 740,000 tons, a decrease of 15,000 tons (1.99%) from the previous working day, compared with 750,000 tons in the same period last year [7] - The PE market price continued to decline. The LLDPE price in North China was 7140 - 7380 yuan/ton, 7300 - 7700 yuan/ton in East China, and 7350 - 7650 yuan/ton in South China [7] - The propylene price on the west coast of the Yellow Sea was stable with minor fluctuations, and the mainstream price was 6525 yuan/ton. The downstream was in a wait - and - see state [7] - The PP market continued to decline weakly, with prices dropping by 20 - 30 yuan/ton. The downstream wait - and - see sentiment was strong, and the overall market transaction was poor [7] 3. Data Overview - The report presented multiple data charts, including L basis, PP basis, L - PP spread, and the settlement price of the main crude oil futures contract, but no specific data analysis was provided [12][16]
建信期货聚烯烃日报-20250703
Jian Xin Qi Huo·2025-07-03 01:31