申万期货品种策略日报：聚烯烃（LL、PP）-20250911

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Polyolefins are running weakly. The spot market of polyolefins is still mainly influenced by supply and demand. This summer's maintenance has been balanced. Currently, PE inventory is being slowly digested, and PP inventory has also improved. Last week, the production ratios of both decreased, supply contracted, market pressure eased, and the rebound of international crude oil prices also helped polyolefins stop falling. In the future, attention should be paid to the impact of the situation in the Middle East on crude oil against the increase of OPEC, as well as potential changes in the Fed's interest rate policy. In the short term, focus on the support of downstream stockpiling for raw materials [2] Group 3: Summary According to Relevant Catalogs Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7226, 7237, and 7176 respectively, with changes of -3, -4, and 26 and percentage changes of -0.04%, -0.06%, and 0.36%. The trading volumes were 178117, 4302, and 50, and the open interests were 517187, 33638, and 8053 with changes of -790, -638, and 0. The current spreads of January - May, May - September, and September - January were -11, 61, and -50 compared to previous values of -12, 91, and -79 [2] - PP Futures: The previous day's closing prices for January, May, and September contracts were 6948, 6971, and 6854 respectively, with changes of -1, 4, and 33 and percentage changes of -0.01%, 0.06%, and 0.48%. The trading volumes were 172820, 6722, and 447, and the open interests were 614906, 52117, and 2319 with changes of 4233, 1211, and -379. The current spreads of January - May, May - September, and September - January were -23, 117, and -94 compared to previous values of -18, 146, and -128 [2] Raw Material & Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2408 yuan/ton, 6675 yuan/ton, 598 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2400 yuan/ton, 6625 yuan/ton, 594 dollars/ton, 5600 yuan/ton, 6770 yuan/ton, and 8800 yuan/ton [2] - Mid - stream: For LL, the current prices in East China, North China, and South China markets were 7150 - 7700 yuan/ton, 7100 - 7450 yuan/ton, and 7350 - 7750 yuan/ton respectively. For PP, the current prices in East China, North China, and South China markets were 6750 - 6950 yuan/ton, 6700 - 6950 yuan/ton, and 6750 - 7000 yuan/ton respectively [2] Information - On Wednesday (September 10), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $63.67 per barrel, up $1.04 or 1.66% from the previous trading day, with a trading range of $62.72 - $64.08. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $67.49 per barrel, up $1.10 or 1.66% from the previous trading day, with a trading range of $66.66 - $67.78 [2]