PP：低位追空需谨慎，中期或是震荡市

Report Industry Investment Rating - No information provided Core View of the Report - Low - level short - chasing in PP should be cautious, and the medium - term may be a volatile market. Short - term demand has improved month - on - month, but the weak cost side has led to recent market fluctuations. The market before the National Day is generally rational, and low - level position reduction may be considered, so short - chasing needs caution [1][2] Summary According to Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of PP2601 was 6877, with a daily increase of 0.39%. The trading volume was 178,124, and the open interest decreased by 15,873 [1] - Spread Data: The basis of the 01 contract was - 177 (previous day: - 142), and the 01 - 05 contract spread was - 43 (previous day: - 49) [1] - Spot Price Data: In the North China region, the spot price was 6670 - 6780 yuan/ton; in the East China region, it was 6700 - 6840 yuan/ton; in the South China region, it was 6650 - 6830 yuan/ton [1] Spot News - The domestic PP market showed partial weakness. The rebound of PP futures slightly boosted the trading atmosphere in the spot market. Some production enterprises such as Donghua Energy, Zhongmei, and Baofeng raised their factory prices by 10 - 20 yuan/ton, while Yueneng Chemical lowered them by 20 - 50 yuan/ton. Traders mainly sold at stable prices considering the pre - holiday inventory reduction pressure. The intraday basis weakened, and hedgers bought moderately. Downstream buyers replenished at low prices, and most holders reported improved transactions compared with the previous day [2] Market Condition Analysis - Short - term demand has improved month - on - month, but the cost side is still weak, leading to recent market fluctuations. On the supply side, recent maintenance has gradually increased, and low - profit factors have led to low price elasticity at low levels. On the demand side, the operating rate of downstream processing has slightly improved, but procurement is in a "buy on rising, not on falling" state [2] Trend Intensity - The trend intensity of PP is 0, with the range of trend intensity being integers in the [- 2, 2] interval. - 2 means most bearish, and 2 means most bullish [3]