建信期货聚烯烃日报-20250926

Report Information - Report Title: Polyolefin Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - No investment rating information provided Core View - Futures prices opened higher, fluctuated, and slightly increased. Traders tentatively raised prices, and some spot prices slightly increased. Downstream buyers stocked up at low prices, and actual transactions were negotiated on a case - by - case basis. Near the double festivals, there was still some support from increased packaging demand, but market confidence was insufficient, and there was no large - scale restocking. Demand drive was limited, the market rebound was weak, and prices fluctuated weakly at low levels [6] Summary by Directory 1. Market Review and Outlook - Plastic 2601 (L2601) opened higher, fluctuated during the session, and closed up at 7,169 yuan/ton, up 31 yuan/ton (0.43%), with a trading volume of 167,000 lots and a decrease in positions by 9,915 to 561,860 lots. PP2601 closed at 6,898 yuan/ton, up 28 yuan (0.41%), with a decrease in positions by 8,467 to 628,037 lots [5][6] 2. Industry News - On September 25, 2025, the inventory level of major producers was 615,000 tons, a decrease of 15,000 tons (2.38%) from the previous working day, compared with 690,000 tons in the same period last year. PE market prices showed mixed trends. The price of linear LLDPE in North China was 7,090 - 7,350 yuan/ton, in East China was 7,150 - 7,650 yuan/ton, and in South China was 7,250 - 7,700 yuan/ton. The mainstream price of propylene in Shandong market was 6,450 - 6,520 yuan/ton, unchanged from the previous working day. PDH device start - stop news was concentrated, and market sentiment was cautious. PP market was generally stable with minor fluctuations. Downstream factories were cautious in purchasing, suppressing the upward space of actual transactions [7] 3. Data Overview - The report provides multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [13][15][16]