建信期货聚烯烃日报-20250829

1. Report Information - Report Title: Polyolefin Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes Futures Market | Futures Contract | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85 | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91 | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85 | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72 | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76 | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73 | 20395 | -6062 | [5] Spot Market - LLDPE: Prices in North China are 7200 - 7450 yuan/ton, in East China are 7300 - 7750 yuan/ton, and in South China are 7400 - 7750 yuan/ton [7] - PP: North China's mainstream drawbench prices are 6860 - 7000 yuan/ton, East China's are 6850 - 7000 yuan/ton, and South China's are 6840 - 7060 yuan/ton [7] - Propylene: The mainstream price in Shandong market is 6550 - 6600 yuan/ton, up 25 yuan/ton from the previous workday [7] 3. Market Review and Outlook - L2601 opened lower, fluctuated during the session, and closed at 7358 yuan/ton, down 31 yuan/ton (-0.42%), with a trading volume of 220,000 lots and an increase in open interest by 1293 lots to 413,567 lots. PP2601 closed at 7020 yuan/ton, down 16 yuan (-0.23%), with an increase in open interest by 14,800 lots to 496,500 lots [6] - The weak futures market has affected the spot market sentiment. Traders are actively destocking at the end of the month, and the offers are slightly weaker. The impact of maintenance is decreasing, and new production capacities are being released steadily, which suppresses the market from the supply side. The demand side is gradually transitioning to the peak season, and the overall downstream operating rate is expected to increase, but the short - term raw material procurement is still cautious. The market sentiment has weakened, and the decline in crude oil prices has reduced the cost support, so polyolefins are oscillating weakly [6] 4. Industry News - On August 28, 2025, the inventory level of major producers was 670,000 tons, a decrease of 35,000 tons (-4.96%) from the previous workday, compared with 695,000 tons in the same period last year [7] - Propylene producers' shipments are smooth, and they still have some willingness to support prices. However, downstream factories mainly purchase at lower prices, and their acceptance of propylene prices has slightly decreased [7] - The PP market has slightly loosened, with some prices falling by 10 - 30 yuan/ton. Before noon, downstream factories were cautiously waiting and watching, with limited active inquiries, and the pre - noon trading was weak [7]