建信期货聚烯烃日报-20250905

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: September 5, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes Futures Market | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7241 | 7225 | 7243 | 7206 | -37 | -0.51% | 502560 | 12101 | | Plastic 2605 | 7234 | 7220 | 7238 | 7201 | -34 | -0.47% | 31934 | 382 | | Plastic 2509 | 7168 | 7170 | 7180 | 7160 | -36 | -0.50% | 8450 | -77 | | PP2601 | 6940 | 6939 | 6948 | 6915 | -23 | -0.33% | 595380 | 15647 | | PP2605 | 6946 | 6949 | 6958 | 6928 | -27 | -0.39% | 45582 | 379 | | PP2509 | 6869 | 6828 | 6869 | 6828 | -41 | -0.60% | 5316 | -273 | [5] Group 3: Market Review and Outlook - L2601 opened lower, fluctuated during the session, and closed at 7225 yuan/ton, down 37 yuan/ton (-0.51%), with a trading volume of 236,000 lots and an increase in open interest of 12,101 lots to 502,560 lots. PP2601 closed at 6939 yuan/ton, down 23 yuan, a decline of 0.33%, with an increase in open interest of 15,600 lots to 595,400 lots. [6] - Futures opened lower and fluctuated weakly, dampening market trading sentiment. Traders' quoted prices were weak, and downstream buyers were cautious and replenished at low prices. [6] - For PP, the impact of maintenance weakened, new production capacity continued to be released, and the new device of Daxie Petrochemical brought supply pressure. The downstream was in the transition period between peak and off - peak seasons, and the start - up load of plastic weaving and BOPP increased slowly. Injection molding improved locally due to the release of school supplies orders, but the overall recovery trend was not good. Attention should be paid to the substantial improvement of consumption in the "Golden September" peak season. [6] - For PE, the supply - demand contradiction was not obvious. Short - term maintenance losses increased again, and new capacity投放 was slow, so the supply pressure was acceptable. The load of downstream pipes remained low, and raw material and finished product inventories were at a low level. The start - up load of agricultural films improved compared with the previous period and entered the seasonal upward range, which was expected to drive social inventory reduction. However, as the travel peak season was coming to an end and the refinery maintenance season was approaching, cost support weakened, and plastics mainly fluctuated narrowly. [6] Group 4: Industry News - On September 4, 2025, the inventory level of main producers was 680,000 tons, a decrease of 20,000 tons from the previous working day, a decline of 2.86%. The inventory in the same period last year was 750,000 tons. [7] - PE market prices partially declined. The LLDPE price in North China was 7110 - 7450 yuan/ton, in East China was 7170 - 7700 yuan/ton, and in South China was 7380 - 7750 yuan/ton. [7] - The mainstream price of propylene in the Shandong market was temporarily 6610 - 6650 yuan/ton, a decrease of 15 yuan/ton from the previous working day. The cost pressure of downstream products increased, and the enthusiasm of factories to purchase propylene decreased. The transaction of propylene production enterprises was average, and some slightly higher prices were slightly adjusted down. The overall market trading atmosphere weakened. [7] - The PP market partially loosened. The cost support of goods changed little. Traders still actively sold goods, and some quoted prices were slightly loosened. Downstream purchasing sentiment was not high. The mainstream price of North China drawstrings was 6770 - 6980 yuan/ton, in East China was 6800 - 6980 yuan/ton, and in South China was 6760 - 7030 yuan/ton. [7][8]