液化石油气日报：盘面震荡偏强，但上行驱动有限-20250903

Report Industry Investment Rating - The report does not explicitly mention an industry investment rating. Core Viewpoints - After a continuous weak market, the fundamentals of LPG have shown some marginal improvement recently. With the main contract switching to 2510, the pressure of warrant cancellation has eased, and the support for the futures market has strengthened. The increase in the overseas swap price has boosted the arrival price, which is positive for the domestic market. However, the impact of the rising import cost on downstream chemical demand needs attention. The spot prices in Shandong, North China, Northwest China, and the Yangtze River region have increased slightly, while the rest of the regions have remained stable. Overall, the sentiment in the PG futures market has recovered, but the fundamental pattern has not reversed, and the upward space and driving force are still limited [1]. - The strategy for a single - sided position is to be oscillatingly strong. Attention should be paid to the opportunity to go long on the PG main contract at low prices, but the expected space is limited. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [2]. Summary by Related Catalog Market Analysis - On September 2, the regional prices were as follows: Shandong market, 4530 - 4610; Northeast market, 3880 - 4210; North China market, 4000 - 4650; East China market, 4450 - 4550; Yangtze River region market, 4760 - 4950; Northwest market, 4550 - 4600; South China market, 4558 - 4630 [1]. - In the first half of October 2025, the CIF prices of propane and butane in East China were 590 dollars/ton and 566 dollars/ton respectively, both up 8 dollars/ton. In RMB terms, propane was 4617 yuan/ton, up 63 yuan/ton, and butane was 4430 yuan/ton, up 64 yuan/ton. In South China, the CIF prices of propane and butane were 583 dollars/ton and 559 dollars/ton respectively, both up 8 dollars/ton. In RMB terms, propane was 4563 yuan/ton, up 64 yuan/ton, and butane was 4375 yuan/ton, up 64 yuan/ton [1]. Strategy - Single - sided: Oscillatingly strong. Pay attention to the opportunity to go long on the PG main contract at low prices, but the expected space is limited. Inter - period: None. Cross - variety: None. Spot - futures: None. Options: None [2]