申万期货品种策略日报：聚烯烃（LL、PP）-20250826

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - Polyolefin futures rebounded slightly, with PE stronger than PP. The spot market of polyolefin is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is being slowly digested. Terminal备货 demand may gradually pick up in mid - to late August. The recent rebound in crude oil costs may lead to a short - term rebound in the valuation of chemical products. Future focus should be on the rhythm of autumn stocking after supply - demand digestion and possible changes on the supply side [2] Group 3: Summary by Related Catalogs Futures Market LL - The previous day's closing prices for January, May, and September contracts were 7423, 7426, and 7365 respectively, with price increases of 43, 34, and 44, and price increase rates of 0.58%, 0.46%, and 0.60% respectively. The trading volumes were 261365, 8732, and 29530, and the open interests were 393878, 25214, and 56447, with changes of - 364, 2184, and - 13069 respectively. The current spreads of January - May, May - September, and September - January were - 3, 61, and - 58 respectively [2] PP - The previous day's closing prices for January, May, and September contracts were 7074, 7089, and 7011 respectively, with price increases of 36, 30, and 18, and price increase rates of 0.51%, 0.42%, and 0.26% respectively. The trading volumes were 209222, 10807, and 24775, and the open interests were 468785, 35110, and 35262, with changes of 3197, 1860, and - 11348 respectively. The current spreads of January - May, May - September, and September - January were - 15, 78, and - 63 respectively [2] Raw Materials and Spot Market Raw Materials - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2427 yuan/ton, 6470 yuan/ton, 573 dollars/ton, 5600 yuan/ton, 6900 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - For LL, the current price ranges in the East China, North China, and South China markets were 7250 - 7700, 7200 - 7450, and 7400 - 7750 respectively. For PP, the current price ranges in the East China, North China, and South China markets were 6900 - 7000, 6900 - 7000, and 6850 - 7100 respectively [2] Information - On Monday (August 25, 2025), the settlement price of West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [2]