申万期货品种策略日报：聚烯烃（LL、PP）-20250902

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - Polyolefin futures rebounded from the bottom and closed with a lower shadow yesterday. The spot market for linear LL was stable for Sinopec and partially stable for PetroChina, while the spot market for拉丝PP saw some price cuts of 50 yuan by Sinopec and stability from PetroChina. The market enthusiasm has cooled, and the polyolefin spot market is mainly driven by supply - demand factors. Summer maintenance is in balance, and inventory is being slowly digested. The overall spot price of polyolefins is weak at the beginning of the month. Whether the stop - fall of the futures market can drive the spot market to stop falling remains to be seen [2]. 3. Summary by Related Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7270 yuan, 7276 yuan, and 7204 yuan respectively, with price drops of - 17 yuan, - 23 yuan, and - 26 yuan and declines of - 0.23%, - 0.32%, and - 0.36% compared to two days ago. The trading volumes were 324382, 11181, and 5021, and the open interests were 468822, 29742, and 9200, with changes of + 28457, + 294, and - 3708 respectively. The current spreads of January - May, May - September, and September - January were - 6, 72, and - 66, compared to previous values of - 12, 69, and - 57 [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 6965 yuan, 6982 yuan, and 6871 yuan respectively, with price drops of - 9 yuan, - 13 yuan, and - 11 yuan and declines of - 0.13%, - 0.19%, and - 0.16% compared to two days ago. The trading volumes were 294958, 8448, and 1912, and the open interests were 558606, 43187, and 6477, with changes of + 30363, + 1920, and - 680 respectively. The current spreads of January - May, May - September, and September - January were - 17, 111, and - 94, compared to previous values of - 21, 113, and - 92 [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 plastic film were 2387 yuan/ton, 6605 yuan/ton, 575 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2364 yuan/ton, 6575 yuan/ton, 574 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton [2]. - Mid - stream Spot Market: For LL, the current price ranges in the East China, North China, and South China markets were 7200 - 7700 yuan, 7150 - 7450 yuan, and 7400 - 7750 yuan respectively, compared to previous ranges of 7300 - 7700 yuan, 7200 - 7450 yuan, and 7400 - 7750 yuan. For PP, the current price ranges in the East China, North China, and South China markets were 6800 - 7000 yuan, 6800 - 7000 yuan, and 6800 - 7050 yuan respectively, compared to previous ranges of 6850 - 7000 yuan, 6800 - 7000 yuan, and 6800 - 7050 yuan [2]. News - On Monday (September 1st), the trading range of the WTI crude oil futures contract for October 2025 on the New York Mercantile Exchange was $63.66 - $64.88 per barrel. The settlement price of the Brent crude oil futures contract for November 2025 on the London Intercontinental Exchange was $68.15 per barrel, up $0.67 or 0.99% from the previous trading day, with a trading range of $67.12 - $68.36 [2].