液化石油气日报：盘面震荡偏强，上方空间或有限-20250916

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The LPG futures market is oscillating with a slight upward trend, and market sentiment has marginally improved. However, the global oversupply situation remains unchanged, and the medium - to - long - term outlook for LPG is still weak. Also, due to the rebound in LPG procurement costs, PDH profit has shrunk again, and the plant operating rate has dropped to around 70%, indicating limited upward price breakthrough space [1] Group 3: Summary by Relevant Sections Market Analysis - On September 15, regional prices were as follows: Shandong market, 4550 - 4530 yuan/ton; Northeast market, 4000 - 4260 yuan/ton; North China market, 4350 - 4650 yuan/ton; East China market, 4450 - 4620 yuan/ton; Yangtze River market, 4560 - 4850 yuan/ton; Northwest market, 4570 - 4685 yuan/ton; South China market, 4448 - 4640 yuan/ton [1] - In the first half of October 2025, the CIF prices of frozen propane and butane in East China were 603 dollars/ton (up 1 dollar/ton) and 583 dollars/ton (up 1 dollar/ton) respectively, equivalent to 4717 yuan/ton (up 10 yuan/ton) and 4561 yuan/ton (up 11 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 596 dollars/ton (up 1 dollar/ton) and 576 dollars/ton (up 1 dollar/ton) respectively, equivalent to 4662 yuan/ton (up 10 yuan/ton) and 4506 yuan/ton (up 10 yuan/ton) in RMB [1] - The LPG futures market has shown an oscillating and slightly upward trend recently. Spot prices in North China, East China, and Northwest regions rose slightly yesterday, while prices in other regions remained stable. Overall, the global oversupply pattern persists, and the medium - to - long - term outlook for LPG is weak. Also, with the rebound in LPG procurement costs, PDH profit has shrunk again, and the plant operating rate has dropped to around 70%, suggesting limited upward price breakthrough space [1] Strategy - Unilateral: The market is oscillating with a slight upward trend. Pay attention to the opportunity to go long on the PG main contract at low prices, and the previous long positions can be appropriately liquidated at high prices. There are no specific strategies for inter - period, inter - variety, spot - futures, and options [2]