20250731申万期货品种策略日报：聚烯烃（LL、PP）-20250731

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Polyolefin futures fluctuated within the day. The spot prices of linear LL and拉丝 PP from Sinopec and PetroChina remained stable. From a fundamental perspective, due to the increasingly clear macro - situation of domestic anti - involution, polyolefins may experience short - term wide - range fluctuations with market divergence emerging. The spot market of polyolefins is still mainly driven by supply and demand. Summer maintenance is in progress, and attention should be paid to the process of fundamental repair. Recently, supply and demand tend to gradually digest the inventory accumulated in the second quarter [2] Group 3: Summary According to Related Catalogs Futures Market LL Futures - The previous day's closing prices for January, May, and September contracts were 7442, 7424, and 7387 respectively. The price changes were 4, - 1, and 2, with percentage changes of 0.05%, - 0.01%, and 0.03%. The trading volumes were 90243, 1023, and 244663, and the open interests were 166116, 7648, and 334157, with changes of 3501, 191, and - 9463 respectively. The spreads of January - May, May - September, and September - January were 18, 37, and - 55, compared to the previous values of 13, 40, and - 53 [2] PP Futures - The previous day's closing prices for January, May, and September contracts were 7167, 7151, and 7145 respectively. The price changes were 1, - 7, and - 15, with percentage changes of 0.01%, - 0.10%, and - 0.21%. The trading volumes were 90691, 884, and 208517, and the open interests were 191146, 10189, and 299702, with changes of 11092, 353, and - 9052 respectively. The spreads of January - May, May - September, and September - January were 16, 6, and - 22, compared to the previous values of 8, - 2, and - 6 [2] Raw Materials and Spot Market Raw Materials - The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2421 yuan/ton, 6250 yuan/ton, 543 dollars/ton, 5600 yuan/ton, 6850 yuan/ton, and 8800 yuan/ton respectively, compared to the previous values of 2436 yuan/ton, 6220 yuan/ton, 544 dollars/ton, 5600 yuan/ton, 6880 yuan/ton, and 8800 yuan/ton [2] Spot Market - For LL, the current prices in the East China, North China, and South China markets were 7300 - 7650 yuan/ton, 7200 - 7450 yuan/ton, and 7400 - 7600 yuan/ton respectively, compared to the previous prices of 7400 - 7600 yuan/ton, 7050 - 7200 yuan/ton, and 7000 - 7150 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 7050 - 7200 yuan/ton, 7000 - 7150 yuan/ton, and 7000 - 7200 yuan/ton respectively, compared to the previous prices of 7300 - 7650 yuan/ton, 7200 - 7450 yuan/ton, and 8100 - 8250 yuan/ton [2] Information - On Wednesday (July 30), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $70.00 per barrel, up $0.79 or 1.14% from the previous trading day, with a trading range of $68.45 - $70.51. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $73.24 per barrel, up $0.73 or 1.01% from the previous trading day, with a trading range of $71.75 - $73.63 [2]