申万期货品种策略日报：聚烯烃（LL、PP）-20250925

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Polyolefins rebounded slightly. The prices of polyolefins have been fluctuating passively following the cost - end recently. In the medium term, the market focuses on actual demand fulfillment and pre - holiday terminal stocking, as well as potential policy changes in the overall supply side in the fourth quarter in China. The future trend of polyolefins is driven by the interaction of cost and supply - demand, and they may continue to fluctuate in a low - level range [2]. 3. Summary by Relevant Content Futures Market - LL Futures: The previous day's closing prices for January, May, and September contracts were 7142, 7182, and 7218 respectively, with increases of 37, 37, and 25, and涨幅 of 0.52%, 0.52%, and 0.35% respectively. The trading volumes were 191081, 13544, and 86, and the open interests were 571775, 44991, and 165, with changes of - 17901, 2245, and - 1 respectively. The current spreads for January - May, May - September, and September - January were - 40, - 36, and 76 respectively [2]. - PP Futures: The previous day's closing prices for January, May, and September contracts were 6877, 6920, and 6910 respectively, with increases of 35, 29, and 22, and涨幅 of 0.51%, 0.42%, and 0.32% respectively. The trading volumes were 178124, 12681, and 199, and the open interests were 636504, 76469, and 1742, with changes of - 15873, 799, and 117 respectively. The current spreads for January - May, May - September, and September - January were - 43, 10, and 33 respectively [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 mulch films were 2353 yuan/ton, 6485 yuan/ton, 594 dollars/ton, 5600 yuan/ton, 6710 yuan/ton, and 8800 yuan/ton respectively [2]. - Spot Market - LL: The current price ranges in the East China, North China, and South China markets were 7150 - 7600 yuan/ton, 7050 - 7400 yuan/ton, and 7250 - 7700 yuan/ton respectively [2]. - Spot Market - PP: The current price ranges in the East China, North China, and South China markets were 6700 - 6800 yuan/ton, 6700 - 6800 yuan/ton, and 6650 - 6850 yuan/ton respectively [2]. Other Information - On Wednesday (September 24), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $64.99 per barrel, up $1.58 or 2.49% from the previous trading day, with a trading range of $63.25 - $65.05. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $69.31 per barrel, up $1.68 or 2.48% from the previous trading day, with a trading range of $67.51 - $69.37 [2].